A legal expert has suggested that Metaverse sales could eventually become part of a property chain.
The Metaverse is the latest trend among crypto enthusiast, letting users purchase 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 surpassed $730m and are expected to eclipse the one billion dollar mark in 2022.
Arthur Caplin, a solicitor at law firm BLM, which specialises in crypto and metaverse regulatory matters, suggests this is an area agents should consider as it becomes more popular
He told Estate Agent Today: “With plots of digital land being sold for millions, if the notoriety and adoption of the Metaverse continues to increase, then it is surely only a matter of time before we see digital divisions being set up in some of the larger agencies - if they are not doing so already.
“Metaverse land and property is not treated like physical real world property.
“For example, there is no stamp duty to pay on Metaverse property, no requirement to register the transaction with the Land Registry, and sales and purchases tend to happen immediately once an offer is accepted.
“In practice it is a bit more complex, as there needs to be a smart contract in place with the relevant terms of that contract met.
“That isn’t to say the law on this won’t change. However, the way I could see this as being part of a chain is where the digital plot needs to sell in order for the purchaser to free up capital in order to purchase a real world or other Metaverse property.”
With many agents doing virtual viewings during the pandemic, Caplin suggests many agents are already accustomed and geared up for the Metaverse.
He adds: “I envision that taking a potential client around a Metaverse property will not differ too much from virtually walking a client through an architects digital renderings.”