NFTs May Qualify as Property, Per a Singapore High Court Decision ⚖️

This decision was made by the judge to justify the injunction he ordered in May prohibiting the possible sale of a Bored Ape NFT.

NFTs can be regarded as property, according to the Singapore High Court.
NFTs must be different from other assets of a like nature and have an identifiable owner in order to be deemed property, according to Justice Lee Seiu Kin’s Friday ruling.

This decision was made by the judge to justify the injunction he ordered in May prohibiting the possible sale of a Bored Ape NFT. 10,000 cartoon monkeys comprise The Bored Ape Yacht Club, which often sells for upwards of $150,000.

The claimant in this case repeatedly borrowed cryptocurrency from several lenders using the NFT as collateral, using the alias “chefpierre” to identify the opposing party. However, while “chefpierre” and the claimant were negotiating refinancing their loan, he threatened to invoke the NFT’s right to foreclose if the loan wasn’t fully repaid, something the claimant was unable to achieve.

Should investors and traders feel more confidence that NFTs’ status as property is recognized by the law, the judge’s ruling might prove to be a turning point for NFTs.

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Kally is a P2P auction platform for NFTs, powered by Substrate & IPFS. Our goal is to build the most interoperable and user-friendly NFTs marketplace ever, allowing artists and everyday people to unleash the true power of the virtual world.