Do “traditional” geographic boundaries mean anything in the Metaverse? Under what law should international parties trading in intangible assets, recorded only in decentralized and unregulated global ledgers, transact?

The Law Commission for England and Wales is reviewing applicable law in the context of emerging technology, such as digital assets (eg NFTs, cryptocurrencies) and electronic business documents. This review is directly relevant to transactions and asset ownership in the Metaverse (because cryptocurrencies are used to purchase goods and services, and NFTs are bought and sold and used to record ownership of digital assets).

In a world of ever-evolving and emerging digital technologies, often reliant on blockchain technology, conflict-of-law issues regularly…