Monetary Value and Ownership of Virtual Assets in the Metaverse from the Perspective of Imami Jurisprudence and Iranian Civil Law

Abstract

The expansion of the “metaverse” as an interactive virtual environment has created the conditions for the emergence and exchange of a wide spectrum of digital assets, ranging from virtual land and buildings to avatars, non-fungible tokens (NFTs), and in-app digital currencies. This transformation raises two fundamental questions within the Iranian legal and jurisprudential system. First, whether these phenomena possess “monetary value” (i.e., the capacity for valuation and participation in rational transactions) and can therefore be classified as property, or whether they remain within the category of non-proprietary and purely notional matters. Second, assuming their recognition as property, what is the nature and scope of “ownership” over such assets, and how should conflicts between the proprietary authority of users and the powers of platforms (including terms of service, unilateral modifications, account suspension, and similar mechanisms) be adjudicated? This article employs a descriptive–analytical method, drawing upon the principles of Imami jurisprudence and Iranian civil law, to examine the criteria for recognizing the monetary value of virtual assets and the feasibility of conceptualizing proprietary rights over them. The findings indicate that, within Imami jurisprudence, monetary value is contingent upon rational desirability, the possibility of appropriation, lawful benefit, and the capability of delivery (even in the form of constructive possession and transfer of control). Accordingly, many metaverse-based assets—particularly those that are tradable in secondary markets and possess economic functionality—qualify as property. Nevertheless, concerns related to uncertainty (gharar), ambiguity, and the lack of guaranteed continuity of benefits due to the monopolistic authority of platforms necessitate the incorporation of contractual stipulations and transparency mechanisms. In Iranian civil law, through the expansion of the concept of “proprietary rights” and the recognition of intangible property, metaverse digital assets may be structured as independent proprietary rights or as a composite of contractual claims, intellectual property rights, and rights related to data and user accounts. However, the realization of effective proprietary protection depends on legislative reform and the establishment of explicit legal rules governing virtual assets.