NFT Considered A Property By United Kingdom Court

United Kingdom Court Considers NFT a Property

According to reports, the High Court of the United Kingdom has determined that NFTs are property independent from the underlying object they represent. The case’s attorneys are hailing the judgement as a watershed moment with far-reaching ramifications for visual art, however attorneys in the United States who talked with Artnet News weren’t so convinced.

In the matter at hand, an injunction was issued against the Ozone Networks accounts, freezing the assets and requiring OpenSea to disclose any and all information it had on the two cardholders alleged to be in possession of the stolen arts.

Lavinia Osbourne, the creator of Women in Blockchain Talks, said in March that two virtual artworks from the Boss Beauties NFT series were taken from her online wallet. The non-fungible tokens initiative is well-known in the business for providing chances for women and assisting with fundraising.

Osbourne alleges that two Boss Beauties NFTs were withdrawn from her MetaMask crypto wallet without her permission in January, forcing her to bring action against OpenSea and the mysterious persons behind the two accounts that presently contain the stolen art.

In OpenSea, the tokens ended up in two anonymous accounts. Osbourne filed an injunction against the popular NFT marketplace in an attempt to regain them. The non-fungible tokens were deemed to be property by the judge handling the case, allowing the court to issue an order forcing OpenSea to freeze the accounts, preventing the artworks from being moved or exchanged, and to produce information on the two account holders.

According to Signature Litigation attorneys Kate Gee and Alasdair Marshall, the court’s ruling aims to establish more legal safeguards for NFT owners more widely in what is otherwise an unregulated market, where the already high number of hacks and frauds is expanding.

OpenSea has subsequently stopped selling the non-fungible tokens on its platform, but has been relatively mute on the new verdict. With a recent update in the Hermes v. Mason Rothschild litigation, the legal landscape is now occupied with the first batch of cases that are probing how intellectual property law might be applied to non-fungible tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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