The market for physical real estate may be shaky. But one market for virtual real estate, confoundingly, continues to thrive, despite its entirely evanescent foundation. In Weblo, entrepreneur Rocky Mizra has developed a magical land. It's a place where people buy virtual property for outrageous sums — as much as…

NICK DOUGLAS — Here's how to picture the "virtual world" called Weblo: Take the world of Second Life, then remove the world. On Second Life, you could build and sell a virtual model of the Washington Monument. On Weblo, you'd sell the concept of the Washington Monument, without actually owning anything. As Business…