The article suggests an approach, according to which the problem of applying the rules of “real” law to the relationships that emerge in “virtual” game environments (that has been considered in legal sources mostly in connection to virtual property in MMORPG) is actually a part of a broader problem of search for reasonable limits of interpretation of law in the conditions of medial turn. For instance, similar difficulties appear when we try to determine in which cases the legal rules that limit dissemination of information in the Internet may be applied to fictional works. In essence, the question concerns the principles of demarcation between absurdity and common sense in application and interpretation of law, as well as in creation of law. The author rejects certain interpretations of “magic circle” in jurisprudence because they do not consider the main aspect that allows identifying absurdity in law - qualities of the object of social relationship as it is (but not subject or purposes of such a relationship). The article suggests a methodology of reconstruction of sematic limits of law that is based on two criteria. First of them - “seriousness” - is defined by social currency value of the object considered as an external referent of value for a generalized symbolic medium (T. Parsons, S. Abrutyn). The second one - “reality” - is defined by structural and functional adequacy of the object to the central meaning of the relevant legal rule (“core”, in contrast to “penumbra” in terminology of H. Hart). In a borderline situation of legal interpretation or application of law a combination of the aforesaid criteria allows to divide blatantly absurd situations from situations where “weighing” (R. Alexy) of legal values is needed and from situations where application of law would correspond to common sense. As regards the creation of law, it is the criterion of “seriousness” that is only relevant. The concept of semantic limits of law is oriented mostly to solving of the tasks of theoretical and practical jurisprudence, but it also can be useful for the purposes of general development of the medial turn discourse.