In this article, we are going to be covering the Singapore High Court NFT verdict on a case opened because of a stolen Bored Ape, considered NFTs as property.
Singapore High Court NFT verdict
In its first written ruling regarding an NFT, the Singapore High Court declared that non-fungible tokens (NFTs) can be deemed property. NFTs are tokens that reside on blockchains, which are decentralized digital ledgers. They may be used to represent underlying assets such as artwork, films, and music, which can be digital or real. In his judgment grounds, Justice Lee Seiu Kin stated that NFTs might be regarded as property if they met certain legal standards, such as being readily distinct from one another and having owners who can be recognized as such by third parties.
He gave the grounds to explain why he granted an injunction in May to prevent the sale and transfer of an NFT. However, he emphasized that the injunction application was urgent, and one of the parties in the case was not needed to be present at the court hearing, so he did not get to hear arguments from that side. Justice Lee went on to say that his ruling was on an interlocutory application, which is a pre-trial request for a court order, generally on procedural concerns, and that it should be understood in that context. “A different conclusion may well be reached with the benefit of fuller submissions,” he stated.
The injunction issued by Justice Lee is considered to be Asia’s first. It is also said to be the first in the world for a strictly business issue. Mr Janesh Rajkumar, a Singaporean, requested it to safeguard an NFT known as Bored Ape Yacht Club (BAYC) No. 2162. BAYC is a limited edition series of NFTs, each with a unique ape with face expressions, dress, and accessories. Mr Janesh is attempting to reclaim BAYC No. 2162 from an internet persona known as “chefpierre,” whose identity is listed in court filings as unknown. His case, which began in Singapore, is still underway.
We hope that you enjoyed this article on Singapore High Court NFT verdict: NFTs are now considered property. If you did, we are sure that you will also enjoy reading some of our other articles, such as MTV VMAs: Snoop Dogg & Eminem Bored Ape NFT performance in the metaverse, or Warner Bros Lord of the Rings NFTs are now on sale.