Among other things, the tokens provide access

A UK court considers NFT “private property” – Mail Bonus

In early May, the Supreme Court of London, the closest counterpart to the United States Supreme Court, ruled that NFTs were “private property” causing the British Web3 community to celebrate. According to the court’s findings, this private property position does not cover the actual underlying material that NFT represents. The Cointelegraph asked lawyers to determine how this ruling could affect the legal environment in the UK.

Boss Beauties Rán

Lavinia D. Osbourne, organizer of Women in Blockchain Talks, tweeted in February 2022 that two digital works from Boss Beauties, a 10,000 NFT collection of powerful women created by “Gen Z Transformers”, had been stolen and placed on the New York Stock Exchange.

The tokens provide access to special events, free editions and licensing fees, among others. The stolen items from her MetaMask wallet, according to Osbourne, finally appeared on the OpenSea market. Mitmark, a security and intelligence company, assisted her in tracking down NFT.

The case was brought to court in March and The Art Newspaper reported on April 29 that the British Supreme Court had recognized the NFT as a legally protected property. In addition, the court issued a ban on freezing the assets of Ozone Networks (OpenSea’s host) and ordered OpenSea to obtain information about the two account owners who owned the stolen NFT computers. Boss Beauties 680 and 691 NFT were later revoked by OpenSea.

Because wallet owners are not known, “unknown individuals” were banned. Stevenson’s law firm described the freezing order as a “draconian (ie outdated and punitive) remedy” and a “legal nuclear weapon” in its response to the ruling.

Following the court’s ruling, Osbourne announced the victory praiseworthy:

“Women in Blockchain Talks was created to open up the opportunities that blockchain offers to anyone, regardless of age, gender, ethnicity or background. This issue will hopefully help make the blockchain space more secure and encourage more people to interact with exciting and meaningful assets such as NFTs.

The symbol and the property

A UK court considers NFT

Defendant Racheal Muldoon stressed the “ultimate significance of the judgment” and stated that it “eliminates any question that NFTs are an asset in themselves, regardless of the product they represent, under English and Wales law. However, it is precisely this trait that has led some experts to question the revolutionary importance of the decision.

Although the IRS now views the NFT as an asset, the declared separation between the identifier and the underlying asset does little to address current UK and US regulations. “So if you have a sign, you have a sign. But not necessarily any rights in anything else, “said Juliet Moringiello of Commonwealth Law School Widener University.

In her opinion piece on the subject, Emily Gould, Deputy Director of the Arts and Law Institute, said that in recent years, UK rulings, legislative changes and official investigations have merged to recognize cryptographic assets as assets. She referred to AA v. Unknown Persons as well as the “Legal Statement on Encrypted Assets and Smart Contracts” published in 2019 by the LawTech Delivery Panel’s UK Jurisdiction Task Force.

What’s going on?

“It is now clear that NFTs are subject to the same property laws in the UK as apply to all other assets. “It sets a great example for people who invest in NFTs that the judicial system, at least in the UK, will protect their property rights.”

Even though the court ruled against OpenSea, Graham considered the court’s injunction an “interesting precedent”. This is important when it comes to judges issuing injunctions in cases where NFT has been stolen. He continued:

“I do not think it is much of a surprise that NFT devices are recognized as private property or personal property. You can buy, sell or trade with NFT, which in fact indicates that they are personal property according to the first basic principles. It would have been more shocking if the court had ruled that NFTs were not personal property.

Aquanow’s chief of staff, Anna Trinh, said that although the verdict was not new, it had “administrative significance”. Establishing a legal precedent that verifies what the majority previously believed to be true could give NFT systems more confidence in demanding the freezing of bad actors’ accounts. Trinh said:

“It is not strange to me that NFT is seen as private property or personal property. NFTs can be bought, sold and exchanged, indicating that they are essentially private property. It would have been even more astonishing if the court had ruled that NFTs were not personal property. “

Trinh believes that the current legal protection for the underlying assets is adequate. This is subject to the terms of the contract at the time of purchase, as depending on the nature of the property, contract and intellectual property laws may apply. According to Trinh, authorities should prioritize more serious legal issues such as copyright.

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About Humano

He is a freelance writer based in Turkey. He loves NFT, football, movies and technology.

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