Could virtual land sales provide a source of income for…

0

A legal expert has suggested that Metaverse sales could eventually be part of a chain of ownership.


The Metaverse is the latest trend among crypto enthusiasts, allowing users to buy digital land in virtual universes.


The idea is that this land can then be used to host online events or to sell goods and services.



The average cost of digital land in 2021 was $5,300, according to Forbes. Alternative finance news website Bankless Times reports that virtual land sales in 2021 topped $730 million and are expected to eclipse the $1 billion mark in 2022.


Arthur Caplin, a lawyer at BLM law firm who specializes in crypto and metaverse regulatory issues, suggests this is an area agents should consider as it becomes more popular.

He said real estate agent today“With digital plots of land selling for millions, if awareness and adoption of the metaverse continues to grow, then surely it’s only a matter of time before we see digital divides set in motion. in some of the larger agencies – if they don’t already.


“Metaverse land and properties are not treated as real-world physical assets.


“For example, there is no stamp duty payable on Metaverse property, no requirement to register the transaction with the land registry, and sales and purchases tend to occur immediately once a offer is accepted.


“In practice, it’s a bit more complex, because there needs to be a smart contract in place with the relevant terms of that contract met.


“That doesn’t mean the law on this won’t change. However, the way I might see this as part of a chain is where the digital plot must be sold for the buyer to free up capital to purchase a real world or other Metaverse property.


With many Agents doing virtual viewings during the pandemic, Caplin suggests that many Agents are already used to and prepared for the Metaverse.


He adds, “I imagine showing a potential client a tour of a Metaverse property won’t be too different from a client’s virtual walk through an architect’s digital renderings.”



Share.

Comments are closed.