VIRTUAL EMPIRES: EXPLORING THE BOOMING WORLD OF DIGITAL LAND AND VIRTUAL REAL ESTATE
AUTHOR – ANANYA RAY, STUDENT AT KIIT SCHOOL OF LAW, BHUBANESHWAR
BEST CITATION – ANANYA RAY, VIRTUAL EMPIRES: EXPLORING THE BOOMING WORLD OF DIGITAL LAND AND VIRTUAL REAL ESTATE, ILE LEX SPECULUM (ILE LS), 1 (1) OF 2023, PG. 492-498, APIS – 3920 – 0036 | ISBN – 978-81-964391-3-2.
Abstract
The rapid advancement of technology has birthed a virtual revolution, ushering in a burgeoning world of digital land and virtual real estate. This transformative domain has captured the imagination of millions, presenting new opportunities and challenges from a legal standpoint. This article delves into the intricacies of this emerging phenomenon, examining key legal aspects that underpin the creation, ownership, and regulation of virtual empires.The first focal point of this study revolves around the concept of ownership and jurisdiction in the virtual realm. By scrutinizing the legal frameworks governing virtual real estate and digital land, the article explores questions of territorial jurisdiction, intellectual property rights, and cross-border transactions. Understanding these fundamental aspects lays the foundation for addressing potential conflicts and protecting the interests of stakeholders in this vibrant domain. As virtual real estate platforms and digital land marketplaces thrive, the second focus delves into the dynamic regulatory landscape. Through an analysis of relevant laws and regulations, the study explores the evolving legal challenges, such as consumer protection, taxation, anti-money laundering (AML), and fraud prevention. Recognizing the complexities of virtual transactions, this exploration seeks to establish a cohesive legal framework that fosters growth while safeguarding the interests of all participants.
The third aspect of this research centers on the role of smart contracts in shaping the virtual empire landscape. Investigating the utilization of self-executing contracts in virtual real estate transactions, the article delves into the implications for dispute resolution mechanisms, enforcement of contractual rights, and handling conflicts in decentralized virtual environments. Understanding the legal ramifications of these innovative technologies is critical to ensure fairness and accountability in virtual property dealings. The realm of digital land and virtual real estate presents a captivating frontier, ripe with potential and complexity.
Keywords : Virtual Empires, Booming, Digital Land, Virtual Real Estate, Exploration, Innovation, Legal Framework