Clifford Chance

The metaverse: When is real estate no longer real?

4 October 2022

Approximately US$2 billion worth of 'land' has changed hands so far this year without a single human ever setting foot on it and with the knowledge that no human ever will. These sales were of virtual plots of land in the metaverse.

For all the hype, it is often difficult to navigate the conceptual and legal challenges that may arise when investing in, and developing, virtual land in the metaverse, as well as to make sense of the broader question: can something that's not 'real' have anything in common with real estate?

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