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Singapore High Court affirms NFTs are Property By CoinEdition

Singapore High Court confirms that NFTs are Property-worthy
  • Singapore High Court ruled NFT can be used as property.
  • Justice Lee stated that NFTs had certain legal characteristics, which make them properties.
  • The court’s ruling further reinforces its position as a legal and blockchain hub.

An NFT is more than just information or code on a blockchain. It is also a form of property, according to the High Court of Singapore.

Justice Lee Seiukin stated in his grounds of decision, that NFTs can be considered property because they meet certain legal characteristics like being easily distinguishable from each other and having owners who can be recognized as such by third party.

Janesh Rajkumar from Singapore, who was trying to prevent the sale and transfer of ownership of a NFT, Bored Ape Yacht Club, No. 2162, which he previously owned.

Justice Lee presented the justifications for his May ruling to prevent the sale and transfer ownership of NFTs. Rajkumar seeks to seize BAYC No. 2162 from an online profile named “Chefpierre”, who remains unidentified in court documents.

Rajkumar and Chefpierre had already entered into a March loan agreement. Chefpierre proposed restructuring the loan starting March 19. Chefpierre declined to lend the additional amount to Janesh, and threatened to use foreclose to seize NFT funds if the March loan wasn’t fully repaid before April 21.

Rajkumar failed the deadline to repay the loan, which gave Chefpierre control of BAYC No. 2162. Janesh later repaid a portion of his loan. Chefpierre, however, returned the money and forbade Rajkumar’s making additional payments.

Following the incident, Justice Lee allowed Rajkumar’s request to serve court papers on Chefpierre through Twitter, Discord, and messaging on Chefpierre’s crypto wallet address.

Shaun Leong (the Lawyer representing Rajkumar) said:

The picture of the… NFT exists as an image file which can be copied many times over. What is truly unique, and irreplaceable here is the string of code that represents the… NFT on the blockchain

Leong concluded by saying that the court’s ruling lays the path for Singapore to further reinforce its position as a legal and blockchain hub.

The post Singapore High Court Reaffirms That NFTs Can be Considered Properties appeared first at Coin Edition

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