Investigating the ownership relationship between virtual real estate owners and platform owners: An examination of the Decentraland metaverse

Decentraland is a user-owned digital realm built on the Ethereum block chain that allows the global community to engage in, connect, and enjoy its immersive experience. As a decentralized virtual world, this platform gives users an opportunity to purchase and trade virtual real estate through in-app portals and peer-to-peer networks. Virtual properties can be owned by those who acquire land tokens. However, the ownership of these properties is subject to regulation based on terms of service agreed upon. This agreement serves as a contract between the platform owner and the user, outlining policies and standards that must be adhered to. Through the use of analytical methods and library resources, including decentraland contracts, this article explores the rights of virtual property owners in relation to platform owners. It is important to note that the terms of agreement of decentraland state that ownership of the code, on which, the platform is based and default game items are solely of the platform owners. However, property owners do have ownership rights concerning the respective titles and virtual land. As per the regulations set by the landowners, they hold the right to exercise their property rights and publish any permissible content. It should be noted that prohibited content is determined by the terms of service agreement which heavily favors the platform, granting them extensive authority to terminate or suspend the agreement without prior warning. It should also be noted that user ownership may become precarious if platform owners opt to dissolve the platform, considering the dependence on the ownership of the platform code and the collective valuation of digital assets.