Asian Spectator


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

  • Written by João Marinotti, Associate Professor of Law, Indiana University

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 city blocks.

But...

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