The High Court of Justice in London held that non-fungible tokens (NFTs) represent private property. The Internal Revenue Service in the U.S. also treats NFTs as property.
In early May, a major legal precedent was marked in the British Web3 community. The closest counterpart to the Supreme Court of the United States, The High Court of Justice in London, declared that non-fungible tokens (NFTs) constitute private property. It includes an important warning that this private property concept does not apply to what NFT represents.
10,000 NFTs stolen
The creator of Women in Blockchain Talks, Lavinia D. Osbourne, tweeted in February 2022 that the digital works related to a 10,000-NFT collection by Gen Z change-makers were robbed.
Tokens came with a number of perks, including access to private parties, free publications, and licence fee exemptions. Osbourne discovered the stuff was stolen from her MetaMask wallet on the OpenSea platform. A security and intelligence firm, Mitmark, assisted her in tracking down the NFTs.
NFTs are private property, British High court
On April 29, British High Court justices determined that NFTs are private property under British law, according to The Art Newspaper. A judge ordered Ozone Networks’ assets to be frozen, and OpenSea was ordered to provide the identities of the 2 bank accounts that had the stolen NFTs in their custody. The sale of these NFTs, named Boss Beauties 680 and 691, was soon halted by OpenSea. Since the wallet holders’ names are unknown, the order was filed against “persons unknown.”
The Internal Revenue Service in the U. S. already treats NFTs as property. Nonetheless, the declared gap between the token and the underlying asset does little to solve the legal vacuum that exists in the United Kingdom and the United States.
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