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By Carole RHEIN, Counsel and Guillaume DALLY, Senior Associate, DLA Piper Luxembourg
We are witnessing a boom in virtual land in the metaverse. Since Facebook changed its name to META at the end of 2021, clearly focusing its business strategy on the metaverse, there’s been an unprecedented increase in the sale of real estate in the metaverse. The metaverse is seen as one of the next big turning points in Web 3.0, aimed at replacing social networks.
Major brands and some investors are rushing to acquire a share of virtual real estate while it’s still accessible, but mostly to not miss out if the metaverse becomes mainstream in the coming years. In December 2021, a shopping mall – called Metajuku – was sold for over USD4.3...
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