The article analyzes the methodological promises and limitations of virtual ethnographic approaches. It is shown how the redefinition of ethnography’s basic concepts for online contexts is reflected in their methodological tools. Based on approaches of virtual ethnography and ethnography of virtual worlds, which become a starting point for researchers in the study of the virtual, the paper discusses principles and procedures for implementing ethnography in the online space. We highlight the differences in how each of the approaches interprets and analyzes the offline context, as well as how specific features of the online environment are considered. As a part of criticism, the article discusses relationship between the concepts of virtual and digital demonstrating why the concept of digital is more relevant for describing recent online contexts.