The terms of service for each metaverse platform are centralized and are under the complete control of a single company—a major problem for legal ownership. In 2021, an investment firm bought 2,000 acres of real estate for about US$4 million. Normally this would not make headlines, but in this case the land was virtual. It existed only in a metaverse platform called The Sandbox. By buying 792 non-fungible tokens on the Ethereum blockchain, the firm then owned the equivalent of 1,200 ...
A law professor explains how blockchains and NFTs don't protect virtual property
Fast Company - 23 Apr 2022 04:00
The terms of service for each metaverse platform are centralized and are under the complete control of a single company—a major problem for legal ownership. In 2021, an investment firm bought 2,000 acres of real estate for about US$4 million. Normally this would not make headlines, but in this case the land was virtual. It existed only in a metaverse platform called The Sandbox. By buying 792 non-fungible tokens on the Ethereum blockchain, the firm then owned the equivalent of 1,200 ...
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