UK Court recognizes NFTs as private property

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The British Web3 community celebrated a legal precedent at the beginning of May when the High Court of Justice in London ruled that nonfungible tokens (NFT) represent “private property.” But don’t rejoice just yet as in the ruling, it was mentioned that this private property status does not extend to the actual underlying content that NFT represents. 

Lavinia D. Osbourne, founder of Women in Blockchain Talks in February, tweeted that two digital works had been stolen from the Boss Beauties. And the pieces that were stolen from her MetaMask wallet actually later emerged on the OpenSea market. She then traced down the NFTs with the help of the security and intelligence firm Mitmark.

This was brought to court in March, and on April 29, the judges recognized NFTs as property protected by law. The court also issued an injunction to freeze the assets on the accounts of Ozone Networks and compelled OpenSea to disclose information about the two account holders in possession of the stolen NFTs. After which OpenSEa halted the sales of these NFTs. The identities of the wallet holders remain uncertain and were granted against “persons unknown.”

Osbourne stated, “Women in Blockchain Talks was founded to open up the opportunities blockchain offers to anyone, regardless of age, gender, nationality or background. This case will hopefully be instrumental in making the blockchain space a safer one, encouraging more people to interact with exciting and meaningful assets like NFTs.”

Although not much could be stated yet, this seems like a huge move towards the time, it is time NFTs and digital assets get their due attention, especially given the fact that there are major fraudulent activities in the space. With the popularity growing, new measures and regulations are coming up to help monitor the space better and we can surely hope that with such measures the people and the space would be thriving.

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