CJ - Cryptocurrency Enthusiast
According to the Singapore High Court, an NFT can be considered a type of property
Non fungible tokens, according to Justice Lee, satisfy key legal requirements that identify them as properties
The court's decision further solidifies its status as a center for law and blockchain
According to the High Court of Singapore, NFT crypto is a type of property rather than just information or code on the blockchain.
NFTs in the NFT Market may be treated as property since they meet certain legal criteria, such as being readily distinct from one another and having owners who can be identified as such by other parties, according to Justice Lee Seiu Kin in his reasons for ruling.
The information comes after a Singaporean man named Janesh Rajkumar obtained a court order in May preventing the sale and transfer of an NFT he previously owned called Bored Ape Yacht Club (BAYC) No. 2162.
Justice Lee explained his reasoning in May for issuing a finding that forbids the sale and transfer of ownership of any NFT coins. Rajkumar is attempting to reclaim BAYC No. 2162 from an individual using the internet alias "Chefpierre," who is unnamed in court records.
Previously, in March, Rajkumar and Chefpierre signed a financing arrangement. The details of a revised loan were then discussed by the two parties, which finally led to Chefpierre suggesting to restructure the loan as of March 19. Chefpierre then declined to lend Janesh the extra money and threatened to take the NFT by foreclosing if the March loan was not completely returned by April 21.
Due to Rajkumar's failure to pay back the loan within the allotted period, Chefpierre became the legal owner of BAYC No. 2162. Janesh eventually paid back a portion of the debt, but Chefpierre returned the funds and banned Rajkumar from making any further payments.
Following the event, Justice Lee granted Rajkumar's request to send messages to Chefpierre's crypto wallet address in order to serve court documents on him through Twitter, Discord, and other online communication platforms.
Rajkumar's legal counsel, Shaun Leong, said: The illustration shows the NFT is an image file that may be duplicated several times. The string of code used to represent the thing in question is what makes it genuinely special and irreplaceable.