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I’m not much of a gamer, and after reading João Marinotti’s article on the perils of spending real money in virtual worlds, I’m starting to think that might be a smart personal finance move.

Marinotti casts a legal eye on the story of a gaming company that changed the rules for its customers – players who buy “skins” to adorn in-game characters and, in some cases, treat rare items like serious investments. The company’s move caused a crash, wiping out about $2 billion in market value. In other contexts, consumer-protection laws and regulations would protect investors who lost money – but not here, because the users technically didn’t own the skins, but only licensed them.

He notes that while this is one case, there are ramifications for other industries and scenarios as people spend more of their time, and money, online. “These digital economies occupy a legal blind spot, lacking the fundamental guardrails of property rights, meaningful consumer protection or even securities regulation,” writes Marinotti, who teaches law at Indiana University.

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