UWA - Unreal World Asset

PreviousWide Understanding Of RWA NextRWA versus UWA - They Key Difference Lies In Legal Context

Last updated 1 year ago

UWA - Unreal World Asset

To truly grasp the essence of Real World Assets (RWAs), it's beneficial to contrast them with Unreal World Assets (UWAs). UWAs consist of resources or items that hold value or function within fictional, virtual, or theoretical settings, yet lack physical existence or recognition under any formal legal frameworks, whether established by governments or organizations. Examples of such unreal world assets include:

Virtual Real Estate: Spaces or plots within virtual worlds and online platforms where users engage in building, socializing, or virtual commerce.
Digital Items: Exclusive items, weaponry, or attire in video games or virtual environments that provide the owner with benefits or status.
Skill or Experience Points: In-game or educational platform credits that enable the unlocking of new skills, knowledge, or competencies, confined to those specific environments.
Virtual Currencies in Closed Ecosystems: Digital currencies usable within certain online communities or games, devoid of external monetary value.
Fictional Company Shares: Stakes in companies or entities that exist solely within stories or simulations, often utilized for educational or entertainment simulations.
Virtual Characters: Distinctive playable characters, each with their own appearance, abilities, experiences, and possessions, within a digital story or environment.
Virtual Pets: Digital animals that users can adopt, nurture, and bond with on online or mobile platforms, without the need for a physical counterpart.
Energy Points or Mana: Resources consumed to execute specific actions within digital frameworks, frequently seen in gaming for activities like spellcasting or skill use.

Though intangible, these assets carry considerable value and influence within their respective spheres, affecting user involvement, economic dynamics, and social interactions in digital and virtual settings.

To define a universal criteria allowing to recognize assets as ‘unreal world’, we can consider criteria that parallel those of real-world assets but are adapted to the contexts of virtual, fictional, or theoretical domains. These criteria would help in understanding the value, ownership, and trade mechanisms of assets that exist outside of traditional, physical, or legal frameworks. Here are the proposed criteria:

Autonomous Recognition of Ownership: There must be a system or mechanism within the unreal world (such as a game, virtual environment, or fictional narrative) that recognizes and records the ownership of the asset by an individual or entity. This doesn't require legal recognition but should be acknowledged within the system.
Transferability Within Its Domain: The asset can be transferred or traded from one owner to another within the context of its unreal world. This includes the ability to gift, sell, or exchange the asset under the rules or mechanics of that specific environment, platform, or narrative.
Defined System of Value: The asset has a clear system of value within its domain, which can be determined by its rarity, utility, demand, or contribution to advancement within the game, narrative, or virtual environment. This value system is recognized by the participants or users of the domain.
Interactivity or Utility: Unlike real-world assets that often have physical utility or economic significance, unreal world assets must offer some form of interactivity, utility, or enhancement within their domain, such as improving user experience, offering competitive advantages, or enriching a storyline.
Persistence: The asset exists continuously within the context of its domain, maintaining its characteristics, value, and ownership status over time, despite not having a physical presence.
Digital or Narrative Exclusivity: The asset is unique to digital platforms, virtual environments, games, or fictional narratives, meaning it doesn't have a direct or necessary counterpart in the physical world that fulfills the same function or holds the same value.
Community or Participant Consensus: The value and rules governing the asset are agreed upon or accepted by the community or participants of the unreal world. This consensus can be explicit, such as a set of game rules, or implicit, like a shared understanding in a narrative universe.

PreviousWide Understanding Of RWA NextRWA versus UWA - They Key Difference Lies In Legal Context

Last updated 1 year ago

Virtual Real Estate: Spaces or plots within virtual worlds and online platforms where users engage in building, socializing, or virtual commerce.
Digital Items: Exclusive items, weaponry, or attire in video games or virtual environments that provide the owner with benefits or status.
Skill or Experience Points: In-game or educational platform credits that enable the unlocking of new skills, knowledge, or competencies, confined to those specific environments.
Virtual Currencies in Closed Ecosystems: Digital currencies usable within certain online communities or games, devoid of external monetary value.
Fictional Company Shares: Stakes in companies or entities that exist solely within stories or simulations, often utilized for educational or entertainment simulations.
Virtual Characters: Distinctive playable characters, each with their own appearance, abilities, experiences, and possessions, within a digital story or environment.
Virtual Pets: Digital animals that users can adopt, nurture, and bond with on online or mobile platforms, without the need for a physical counterpart.
Energy Points or Mana: Resources consumed to execute specific actions within digital frameworks, frequently seen in gaming for activities like spellcasting or skill use.

Autonomous Recognition of Ownership: There must be a system or mechanism within the unreal world (such as a game, virtual environment, or fictional narrative) that recognizes and records the ownership of the asset by an individual or entity. This doesn't require legal recognition but should be acknowledged within the system.
Transferability Within Its Domain: The asset can be transferred or traded from one owner to another within the context of its unreal world. This includes the ability to gift, sell, or exchange the asset under the rules or mechanics of that specific environment, platform, or narrative.
Defined System of Value: The asset has a clear system of value within its domain, which can be determined by its rarity, utility, demand, or contribution to advancement within the game, narrative, or virtual environment. This value system is recognized by the participants or users of the domain.
Interactivity or Utility: Unlike real-world assets that often have physical utility or economic significance, unreal world assets must offer some form of interactivity, utility, or enhancement within their domain, such as improving user experience, offering competitive advantages, or enriching a storyline.
Persistence: The asset exists continuously within the context of its domain, maintaining its characteristics, value, and ownership status over time, despite not having a physical presence.
Digital or Narrative Exclusivity: The asset is unique to digital platforms, virtual environments, games, or fictional narratives, meaning it doesn't have a direct or necessary counterpart in the physical world that fulfills the same function or holds the same value.
Community or Participant Consensus: The value and rules governing the asset are agreed upon or accepted by the community or participants of the unreal world. This consensus can be explicit, such as a set of game rules, or implicit, like a shared understanding in a narrative universe.