Virtual parcels of land are being sold in the metaverse for astonishing amounts of money. In 2021, the largest metaverse platform transacted $450 million CAD in virtual land, with the biggest transaction closing in excess of C$5.5 million.1 This article provides insight on metaverse real estate and the key legal considerations in Canada. Transactional backbone of the metaverse: As explained in our previous article on Key legal issues in the metaverse, the metaverse generally refers to a highly immersive and interconnected virtual world spanning multiple and potentially competing virtual platforms.
