There's growing hype around the so-called metaverse as a new place to market and where the smart money needs to snap up virtual real estate. Except, even as some startups say they're looking to buy, buy, buy, it's unclear how this concept of immersive virtual worlds will play out in real financial life, as they ultimately must.

Those looking to dip their toes in the water might want to look at questions that João Marinotti, an associate professor of law at Indiana University has raised. The "legal scholar who studies property law, tech policy and legal ownership" says that what most people think of owning real estate in the physical world is significantly different than in the virtual one. And while he was noting concerns and wariness that consumers should have, the same issues are critical for commercial real estate professionals.

The fundamental difference is what you purchase in the metaverse and what legal property rights it entails. Purchasing a "property" means buying what is called a non-fungible token, or NFT, and keeping it in a crypto wallet. These are digital certificates using blockchain and cryptography technology that say you are the "owner" of some digital thing. That could be a spot in a virtual world or include something more complex, like the right to control a lease on a multifamily unit for a pre-defined time, as was done last year for a building in San Francisco.