The legal nature of virtual property. Real right or personal right in the Metaverse?

This research examines whether virtual property constitutes a category of real property rights and develops its legal concept. Through doctrinal analysis and case studies (Decentraland and Sandbox), it demonstrates that virtual property lacks essential attributes of real rights such as absolute character, pursuit, inviolability, and perpetuity. Although tokenization through NFTs grants certain characteristics like exclusivity and enforceability, it fails to confer all attributes of real property. The study concludes that virtual property is not a category of real rights, but rather a personal right derived from usage or license contracts between the acquirer and the platform owner. We believe that contractual autonomy between platform owners and acquirers should be prioritized, while being subject to regulations that ensure a balanced negotiating position between the parties.