Land, reconfigured: Defying the laws of physics, upholding the rules of the market in the metaverse

Abstract

Land ownership, occupancy, and use are enduringly central components of economies and societies across the world. Even in a capitalist economy increasingly mediated through digital technologies, land remains foundational to wide-ranging aspects of social life. However, conceptualizations of land fundamentally transform through virtual environments like the Metaverse, where digital or virtual land is a core feature. This article examines the construction and use of land under digital capitalism, specifically in the online virtual reality environment Metaverse. Studying virtual land markets in this environment, we show how land exists in continuous material and conceptual transformation via myriad landmaking technologies. Virtual landmaking offers new capital accumulation possibilities while simultaneously reifying existing market logics and creating new fictions around land. We emphasize how, despite its newness, virtual landmaking in the Metaverse relates to landmaking efforts that predate digital capitalism, from state-led large-scale engineering projects to land grabs and colonial expansion. Simultaneously, land reconceptualization in the Metaverse reflects new economic dynamics germane to digital capitalism, including commodification and assetization, and the rise of digital platforms as both market creators, through digital renderings, and rentier intermediaries. Throughout, we highlight the distributional and political stakes of reconfiguring land via new technologies.