If Mark Zuckerberg is to be believed, the Metaverse is the next step in our digital evolution, a virtual reality space where users can interact with a computer-generated environment and socialize among user-created avatars.
And it’s already here.
The Metaverse is a new virtual frontier that combines many aspects of the virtual world we already know: social media, Zoom, online gaming, augmented reality, virtual reality, blockchain, and cryptocurrencies. The Metaverse allows its users to interact with each other in ways that mimics real-world interaction. Users can virtually surf, race, go to a bar, or engage in combat – the possibilities are endless.
Now, you can even buy land in this virtual frontier.
Just as in the real world, you can finance your virtual property with a virtual mortgage. In this virtual world, can virtual mortgages be foreclosed and how can loans be enforced? This new paradigm implicates both loan enforcement and bankruptcy.
Let us break down a few of the basics.