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Virtual environments wusers can interact with each other in a three-dimensional world, attend dynamic, real-time events and purchase digital goods. Owners in the metaverse can develop, lease, sell, or otherwise use their virtual real estate as they wish.

In the six months since Facebook, Inc. rebranded to Meta Platforms, Inc., the idea of the “metaverse” has catapulted from a little-known science fiction fantasy to the forefront of...