The WELL (The Whole Earth Lectronic Link) was one of the first virtual communities--dedicated to the growth of the Internet and the Web. Follow this link to the The WELL and read their description of their community. Note the members and the topics of discussions. You will find an excellent description of the ideals behind the concept of virtual communities.
1995 Beverly Hills Internet started a virtual community that used web cams to capture local streets and neighborhoods in order to capture the "feel" of a real community. Members were given space for web page. A similar site grew out of Los Angeles...as the site grew to include more geographic communities; they changed their name to Geocities.
Geocities earned profit from advertising banners and "pop-up" windows on members' pages.
*Was purchased in 1999 by Yahoo! for $5 billion. Virtual "real estate" sure is expensive!