Roehl Niño Bautista · · 1 min readSG high court issues landmark ruling to block sale of NFTs
For the first time globally, a court has decided on a commercial dispute regarding NFTs, reported The Straits Times. It is also the first legal decision related to NFTs in Asia.
Singapore’s high court sided with a local complainant to block any potential sale and ownership transfer of a Bored Ape Yacht Club NFT that he previously owned. These tokens are seen as a status symbol, with individual pieces seeing prices in the hundreds of thousands of US dollars.
The complainant also seeks to “repossess” the NFT from a person online under the name chefpierre. It was originally used as collateral for a loan and is now reportedly up for sale on NFT marketplace OpenSea.
This decision comes after a UK court reportedly recognized NFTs as private property in a theft case. It has also compelled OpenSea to disclose the identities of two account holders allegedly in possession of stolen NFTs.
While the recognition of NFTs as private property is expected according to experts, it is still unknown if the courts’ orders of stopping the sale and disclosing account holders’ identities would actually take effect.
See also: Malaysia bans Dickheads NFT
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
