The Singapore High Court Ruled NFT Can Be Considered Property
The Singapore High Court has ruled that non-fungible tokens (NFT) can be deemed property.
Non-fungible tokens, according to Justice Lee Seiu Kin, fulfill certain legal standards for being regarded as property, such as being different from other comparable assets and having an owner who can be identified by other parties.
This judgment was delivered by the judge as an explanation for the injunction he ordered in May, which barred the possible sale of a Bored Ape.
The claimant in the lawsuit utilized the NFT as collateral to borrow cryptocurrency from another party known as chefpierre, something he had done previously with other lenders.
However, as they were negotiating to refinance their debt, chefpierre threatened to execute the NFT’s foreclose option unless the loan was paid in full, which the claimant could not accomplish.
The judge’s judgment might be a watershed moment for NFTs if investors and traders gain confidence that their legal status as property is acknowledged.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
NFTs News
The Singapore High Court Ruled NFT Can Be Considered Property
The Singapore High Court has ruled that non-fungible tokens (NFT) can be deemed property.
Non-fungible tokens, according to Justice Lee Seiu Kin, fulfill certain legal standards for being regarded as property, such as being different from other comparable assets and having an owner who can be identified by other parties.
This judgment was delivered by the judge as an explanation for the injunction he ordered in May, which barred the possible sale of a Bored Ape.
The claimant in the lawsuit utilized the NFT as collateral to borrow cryptocurrency from another party known as chefpierre, something he had done previously with other lenders.
However, as they were negotiating to refinance their debt, chefpierre threatened to execute the NFT’s foreclose option unless the loan was paid in full, which the claimant could not accomplish.
The judge’s judgment might be a watershed moment for NFTs if investors and traders gain confidence that their legal status as property is acknowledged.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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