Even if virtual property may not legally qualify as actual real estate, real estate attorneys and other legal practitioners should still pay attention to the phenomenon and note the ways they could guide their clients on the matter, especially if they want to build something on one of the platforms, said Jenny Roan Forgey, a member of Winstead PC's real estate development and investment practices group.

"There's a new space that is very quickly exploding, and there's potential for all sorts of legal pitfalls and also problems—I mean everything from crime, to contractual breaches, to privacy issues," Forgey said.

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