Do you really own that virtual real estate?

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Underpinning much of the excitement – some would say hype – surrounding the metaverse are nonfungible tokens. NFTs are a clever technological way of creating a uniquely identifiable copy of a digital item, whether a song, piece of art, plot of real estate in a virtual world or magic weapon in a role-playing game. With verifiably unique digital items, the theory goes, comes verifiable ownership in the metaverse.

But there is a significant gap between the still-science fiction vision of a single metaverse of interconnected virtual worlds and today’s reality of discrete virtual worlds created and operated by corporations. It turns out that this gap has produced yet another: the difference between what people own when they buy NFTs and what they think they own.

Indiana University law professor João Marinotti delves into the fine print to explain the reality of legal ownership in the metaverse.

Also today:

Eric Smalley

Science + Technology Editor

Can you truly own anything in the metaverse? A law professor explains how blockchains and NFTs don’t protect virtual property

João Marinotti, Indiana University

NFTs are hailed as the foundation of the metaverse economy because they allow you to purchase unique digital assets, from art to real estate. But legally, you might not own what you think you do.

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