The paper examines the legal conceptualization of the use of virtual in‑game assets (VIAs). Such assets — including accounts, characters, weapons, equipment, cosmetic items, currency, and virtual real estate — possess substantial consumer value and may have both tangible and intangible value. Some of them may be converted into real‑world money. From a legal perspective, the defining characteristic of virtual in‑game assets is their economic value. It is noted that the legal dimension of the conversion process should be considered through the lens of internet users' responses to changes in the external environment arising from their interaction with one another and with that environment. Unlike other forms of virtual property, VIAs are inherently connected with online games and cannot exist independently thereof. The article draws attention to the fact that legal rules govern only a limited part of the relationships emerging online. The principal regulatory framework consists of user agreements and rules developed by the internet community itself on the basis of a multistakeholder approach. In view of the rapid development of virtual space and the emergence of metaverses, the article contends that it is appropriate to orient regulation towards moral norms, universal human values, and to use the potential of legal culture and legal consciousness.