Modern capitalism rests on a foundation of property rights, agreements between parties to transfer those rights, and laws that enforce those rights and agreements. My impression is that property rights in virtual worlds are very simple. If I have an item in my Second Life inventory, from an inworld perspective I "own" it entirely. No one can steal it from me without hacking the database, I can use it and sell it as I please. (EU Lawyer Vincent Scheurer has noted that this ownership doesn't mean a whole lot after leaving the inworld sphere, but that is an entirely different issue.) About the only sophistication I see is that I can sell it to someone with slightly restricted rights--they can't copy and/or modify it.
This state of affairs leaves us far from able to automatically enforce some of the most basic commercial arrangements, such as leasing (I can use it but must keep it in good condition), employment (I can bake with the chocoloate, but I can't eat it), transportation (I can move the box, but I can't look inside it).
Since my goal is to create virtual worlds that can be used to study real-world business (see my first TN post), I use this post to describe some of the property rights that should be supported in code by commerce-oriented worlds, so that code can protect those rights. If they aren't coded in, expensive and labor-intensive intervention would be required, and no virtual world manager wants that. (Judging from recent comments on this blog, not many users want human management intervention either.)
As I am new to virtual worlds, I look forward to being educated by Terra Novans on whether any worlds have attempted to implement rights similar to those I specified, if not, why not, and what I am missing.
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