Acquisition of Property Inside Virtual Worlds
De Jure, 2013 Forthcoming
24 Pages Posted: 10 Mar 2012 Last revised: 31 Jul 2014
Date Written: March 9, 2012
Abstract
The aim of this paper is to take an introductory look at acquisition of ownership inside a virtual world. A brief summary of the methods of acquisition of property in South African property law will provide the background against which to discuss the new field of virtual property and give it some real world context. In most instances ownership will be derived from the terms of a contract, where a developer gives a user a right to use or own an object of virtual property. Sometimes this is just a use right, but at other times, and specifically in virtual worlds that emulate the real-world, users are able to acquire ownership in these items. There are also a number of other methods of acquisition that closely resemble those found in the real world. Ownership in a virtual item can be ceded, sold, inherited or lost in an insolvent estate. It can even be acquired in an original form.
The relevance of this field of property law becomes apparent when one realizes that virtual property ownership has far-reaching consequences from both an economic and social viewpoint. Because of this importance of virtual property from an economic perspective, it follows that whoever has ownership of these virtual assets are able to exert control over and derive financial interest from them. Due to this fact, knowledge of how ownership in virtual property can be acquired and what the corresponding rights should quickly become relevant to the practice of the law of property.
Keywords: virtual property, virtual worlds, acquisition of ownership, original acquisition, MMORPG
JEL Classification: K11
Suggested Citation: Suggested Citation