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I have to wonder when these virtual environments will start to be officially regulated!

Particularly when the "assets" that you buy are hardly substantial in any meaningful way. I assume the company's EULA has terms that effectively allow the company to change anything at any time. What if this fool's virtual island is suddenly massively replicated, and everybody can buy an identical island from the firm operating the game? You can bet the original island "owner" is hozed.

An even more interesting question is whether this "property" ownership transfers in any way to ownership in the company running the game. Imagine if the game firm sells out to a bigger game firm. As the owner of "property" in the game, I could try to convince a judge that "my" property was sold without my receiving proper compensation. Is virtual "property" like shares of a stock?