About second life's IP solution

From a legal viewpoint, I believe what second life did does make sense, since it's the way we used in real life. People who creates an image or scene or uploads his works should have the IP rights thereof.
My concern, however, is whether this is that important, since it cannot produce any real value. Maybe someone would use or buy it, but that does not change its virtual nature, or maybe it is good for some special businesses which have not been in my knowledge. Hope to know more on this week's class.