Investing in Metaverse Real Estate: Mind the Gap Between Recognized and Realized Potential
May 10, 2022 —
Robert G. Howard, David W. Wright & Craig A. de Ridder - Gravel2Gavel Construction & Real Estate Law BlogThe Metaverse is an immersive world combining virtual reality and augmented reality, where users are represented by avatars and roam virtual spaces. It comprises a variety of platforms and environments that can be explored, experienced, and developed. Online social games like Second Life, Fortnite and Minecraft are among the first wave of successful Metaverse games. Now, Meta and Microsoft see the Metaverse as a place to play, live, and work. A JP Morgan white paper stated that opportunities in the Metaverse seem “limitless.” The bank predicted that virtual worlds will “infiltrate every sector in some ways in the coming years.” A March 31 report by Citi concluded that the Metaverse has the potential to become a $13 trillion opportunity by 2030, with total global users of between one and five billion. According to Citi, the Metaverse will become a significant part of the next iteration of the internet (referred to as Web3) enabled by a variety of existing and emerging technologies, including 5G connectivity, secure blockchain and payment platforms, crypto assets, cloud computing, artificial intelligence, 3D modeling tools and headset devices.
A Land Rush, Virtually Speaking
Not surprisingly, investors are speculating regarding the value and potential of “virtual land” within the Metaverse, where land sales in 2021 exceeded $500 million and attracted a lot of attention and hype. The Sandbox, Decentraland, Somnium Space and CryptoVoxels are the most active platforms and owners can build almost anything on their virtual parcels. The open-source Ethereum blockchain, with self-executing smart contract functionality, operates as the foundational layer for most platforms. Parcels of land in The Sandbox and Decentraland are purchased with cryptocurrencies (called SAND and MANA, respectively) on their platforms and can also be sold and purchased on secondary marketplaces like OpenSea.
Reprinted courtesy of
Robert G. Howard, Pillsbury,
David W. Wright, Pillsbury and
Craig A. de Ridder, Pillsbury
Mr. Howard may be contacted at robert.howard@pillsburylaw.com
Mr. Wright may be contacted at david.w.wright@pillsburylaw.com
Mr. Deridder may be contacted at craig.deridder@pillsburylaw.com
Read the court decisionRead the full story...Reprinted courtesy of
Deleted Emails Cost Company $3M in Sanctions
January 13, 2017 —
Grace V. Hebbel - Saxe Doernberger & Vita, P.C. BlogRecently, the Federal District Court for the District of Delaware imposed $3 million in punitive sanctions in order to redress harms caused by a company’s bad faith deletion of tens of thousands of emails during the course of litigation. The sanctions were ordered pursuant to Federal Rule of Civil Procedure 37, which was amended effective December 1, 2015 to permit sanctions for the failure to preserve electronically stored information (“ESI”).
In GN Netcom, Inc. v. Plantronics, Inc.,1 the plaintiff, GN Netcom, brought an antitrust suit alleging that the defendant company, Plantronics, interfered with distributors to stop GN Netcom from marketing its product. Upon receipt of GN Netcom’s demand letter, Plantronics issued a litigation hold and began providing training sessions to its employees to ensure compliance. Upon filing of GN Netcom’s suit, Plantronics issued an updated litigation hold and continued training sessions.
Read the court decisionRead the full story...Reprinted courtesy of
Grace V. Hebbel, Saxe Doernberger & Vita, P.C.Ms. Hebbel may be contacted at
gvh@sdvlaw.com
Negligence Claim Not Barred by Gist of the Action Doctrine
February 18, 2015 —
Tred R. Eyerly – Insurance Law HawaiiThe Pennsylvania Supreme Court held that the insureds' negligence claim survived because it was not based upon breach of a duty created by the policy, but upon the alleged breach of a duty imposed by tort law. Bruno v. Erie Ins. Co,, 2014 Pa. LEXIS 3319 (Dec. 15, 2014).
After purchasing their home, the insureds obtained a homeowner's policy from Erie. A separate endorsement covered loss to the property caused by "fungi," which was included as any form of mold. The endorsement obligated Erie to pay up to $5,000 for loss caused by mold. The policy required Erie to pay the cost of testing the air to confirm the absence or presence of mold. If mold was present, Erie was to pay for the cost of removal, including the cost of tearing out any part of the property needed to gain access to the mold.
While renovating the basement, the insureds discovered two areas of black mold in close proximity to leaking water pipes. Erie was notified and sent an adjuster to view the mold. The adjuster took no action, but returned a couple of days later with an engineer. The adjuster and engineer informed the insureds that the mold was harmless and that health problems associated with mold were a media frenzy and overblown.
Read the court decisionRead the full story...Reprinted courtesy of
Tred R. Eyerly, Insurance Law HawaiiMr. Eyerly may be contacted at
te@hawaiilawyer.com
Capitol View-Corridor Restrictions Affect Massing of Austin’s Tallest Tower
October 17, 2023 —
David M. Brown - Engineering News-RecordThe stepped-back profile of a 66-story skyscraper in Austin, which will be the state capital’s tallest building when completed this fall, is a consequence of the city's height and massing limits to keep the view corridor to the capitol's dome unblocked.
Reprinted courtesy of
David M. Brown, Engineering News-Record
ENR may be contacted at enr@enr.com
Read the full story... Read the court decisionRead the full story...Reprinted courtesy of
Stop by BHA’s Booth at WCC and Support the Susan G. Komen Foundation
May 12, 2016 —
Beverley BevenFlorez-CDJ STAFFIf you’re attending the annual West Coast Casualty Seminar at the Disneyland Hotel today and tomorrow, be sure to stop by the Bert L. Howe & Associates, Inc., booth and
Sink a Putt for Charity. This year, participant’s efforts
on the green will help benefit the Susan G. Komen Race for the Cure. As in years past, sink a putt in the BHA golf challenge and win a $25 Best Buy gift card, and for every successful putt made, BHA will make a $25 cash donation in the golfer’s name to the Susan G. Komen Foundation.
New this year, BHA is hosting three
Championship Rounds and during those periods BHA will double their charitable contributions. For every ATTEMPTED (sink or miss), BHA will make a $50 donation to Susan G. Komen, and for every putt MADE (sunk), the golfer will also win a $50 Best Buy gift card.
Championship rounds are going on today between the times of 10:30am-10:45 am, 3:00pm-3:30pm, and 5:30pm-6:30pm. So be sure to get over to the BHA booth for your chance to support important cancer research as well as possibly taking home a nice gift card for yourself.
BHA also wishes to thank Dave Stern for all of his hard work for the construction defect community in putting together this
must go to seminar and for promoting such worthwhile charities each year.
Read the court decisionRead the full story...Reprinted courtesy of
Economic Damages and the Right to Repair Act: You Can’t Have it Both Ways
March 16, 2017 —
Garret Murai – California Construction Law BlogIn 2002, the California State Legislature passed Senate Bill 800 also known as the Right to Repair Act (Civil Code Sections 895 et seq.) in an effort to stem a then rising tide in residential construction defect litigation.
SB 800, which applies to newly constructed residential units including single-family homes and condominiums (but not condominium conversions) sold after January 1, 2003, was intended to curb residential construction defect lawsuits by giving developers and others in the construction chain an opportunity to repair construction defects before being sued in court. SB 800 also provides minimum construction standards and limits the time in which a homeowner can bring a claim for construction defects.
In Acqua Vista Homeowners Association v. MWI, Case No. D068406 (January 26, 2017), the California Court of Appeals for the Fourth District examined the circumstances in which homeowners can sue a material supplier under the Right to Repair Act.
Read the court decisionRead the full story...Reprinted courtesy of
Garret Murai, Wendel Rosen Black & Dean LLPMr. Murai may be contacted at
gmurai@wendel.com
Fire Damages Unfinished Hospital Tower at NYU Langone Medical Center
December 15, 2016 —
Jeff Rubenstone – Engineering News-RecordA fire broke out Dec. 14 at a hospital tower under construction at NYU Langone Medical Center in New York City. The blaze sent a column of thick black smoke up through the Manhattan skyline.
Read the court decisionRead the full story...Reprinted courtesy of
Jeff Rubenstone, Engineering News-RecordMr. Rubenstone may be contacted at
rubenstonej@enr.com
Administration Seeks To Build New FBI HQ on Current D.C. Site
February 28, 2018 —
Tom Ichniowski – ENRA Senate committee plans to examine a new $3.3-billion Trump administration proposal to demolish the Federal Bureau of Investigation's worn, outmoded headquarters in downtown Washington, D.C., and construct a new facility on that site.
Read the court decisionRead the full story...Reprinted courtesy of
Tom Ichniowski, Engineering News-RecordMr. Ichniowski may be contacted at
ichniowskit@enr.com