SINGAPORE – First, a Singaporean citizen has won a court order preventing him from selling or transferring the NFT) he previously owned.
The injunction, handed down by the Singapore Supreme Court last Friday (May 13), is believed to be the first in Asia – and perhaps in the world – to protect non-financial technology in a purely commercial dispute (NFT).
NFT are distributed digital ledger symbols based on blockchain technology. They can represent digital or physical underlying objects, including works of art, movies, and music.
According to documents provided by the Straits Times’ lawyer, the Supreme Court ruling rules out a unique Bored Ape Yacht Club (BAYC) NFT that a Singaporean man is trying to recover from an internet user described as a “chefpierre”.
BAYC is a limited edition NFT with a monkey with prominent facial expressions, clothing and accessories.
Some celebrities are said to have them, including American chat show host Jimmy Fallon and Canadian artist Justin Bieber.
Madonna is said to have paid 180 Ether for one of the NFT computers last month, a $ 560,000 (S $ 777,000) cryptocurrency at the time.
According to ST’s search of the Singapore Courts website, the man’s name is Janesh Rajkumar. The “chefpierre” is identified as unknown both in court documents and on the website.
Mr. Janesh is trying to recover BAYC no. 2162 NFT which he provided as security for a loan from “chefpierre”. He claims, among other things, that he is the rightful owner of NFT and that it was stolen from him by “chefpierre”.
Mr. Janesh said in his claim that he bought NFT with a view to keeping it to himself.
He claims that it is a very rare thing, even among BAYC NFTs, because of its properties, which include the ability to produce a new NFT of another unique series.
Mr. Janesh often used BAYC no. 2162 as collateral for borrowing cryptocurrencies on the NFTfi community platform due to their rare and high monetary value.
However, he made it clear in the loan agreements with the lenders that he was reluctant to relinquish control of NFT and that he would repay the loan in full to redeem it.
If Mr Janesh were unable to repay the loan on time, he would tell the lender and the lender would be obliged to provide reasonable extensions.
He also stated in the loan agreements that the lender should never use the “recording” option, which would be available if BAYC no. 2162 would not be repaid on time.
Mr Janesh obtained and repaid many bitcoin loans using NFT as collateral, according to court documents.
He borrowed from Chefpierre on January 6 and repaid it later.
Janesh usually only traded with reputable lenders that were successful in the NFTfi system, but he chose to do business with “chefpierre” as the online person was willing to provide favorable loan terms, which seemed to be a reliable lender, and had a large number of tokens and NFTfi .
On March 19, he made another loan deal with “chefpierre” but then asked for an extended period to repay the debt. Subsequently, the parties began to discuss the terms of the third loan, as “chefpierre” tried to refinance the loan on 19 March and Mr. Janesh agreed.
However, “Chef Pierre” refused to provide Mr. Janesh with the extra money and threatened to seize BAYC no. 2162 if the loan of 19 March was not repaid in full before 5 o’clock in the morning of 21 April.
This gave the Singaporean less than seven hours to repay the bill, which he was unable to do, which led to “chefpierre” buying BAYC no. 2162
Mr. Janesh eventually paid off part of the debt, but the “chefpierre” returned the money and prevented him from paying more. According to court documents, “chefpierre” has since registered BAYC no. 2162 online NFT marketplace OpenSea for sale.
In a press release dated May 18, the law firm said that a representative of Mr. Janesh, Withers KhattarWong, that the Supreme Court ruling recognized NFT as an asset. The ruling follows a landmark ruling by a British court that declared NFTs “legal property”.
A court ruling was issued freezing two NFT devices that were stolen from a woman’s digital wallet in January and later discovered in another digital wallet.
Mail Bonus – #Singapore #Supreme #Court #bans #sale #transfer #rare #NFT