Update should be available now

Rockstar offered up all the official details on Grand That Auto Online late last night ahead of the official launch today. Rockstar is again pointing out that access to GTA Online is free with your purchase of Grand That Auto V, and the update can be downloaded now for the PlayStation 3 and Xbox 360.
Rockstar says that GTA Online takes place a few months prior to the events in the single player campaign on GTA V. 
Once users download and install the update, they will be able to access GTA Online via the GTA V game menu. Players will be able to get into the GTA Online window using the bottom slot in the GTA V character wheel.
Rockstar says that to avoid annoying "greifing" GTA Online has been designed where players can send out house party invitations to specific friends allowing your friends to visit your in game house without fearing unauthorized users will steal your in game cars and other items.

Players are also able to exchange and swap property via the lobby of the game. One thing that bothered a number of users about GTA Online is that there will be purchasable items. However, Rockstar says that purchasing items should not give players who buy items a leg up on players that don't.

The online game is designed to be a long-term experience and Rockstar promises "massive amounts" of jobs will be available over time. A content creator tool will be released this fall and players will be able to arrange custom races and death match jobs using that tool.
Rockstar previously said that it was working hard to add more server capacity ahead of the launch of GTA Online due to the huge popularity of the game. Rockstar has a tall order on its hands handling demand, as the extreme popularity of the game resulted in sales of $1 billion in only three days.

Source: Rockstar

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