UK Court Recognizes NFTs collectibles as ‘Property’ in a legal case

Now crypto NFTs are getting better recognition in the government legal matters, as per the latest NFTs theft & protection cases. 

It has been seen in the past, Crypto related legal cases didn’t grab that level of legal support, that we expected because of unclear and pending regulatory laws on the crypto industry, in most countries. But now time has changed much, and we can expect much better for crypto-related legal matters. 

In March 2022, Lavinia Osbourne, founder of Women in Blockchain Talks, said that her two Boss Beauties NFT were stolen from her online digital wallet. 

Boss Beauties NFT is a well-known NFTs project, which aims to empower women through fundraising for females. 

According to the court statement, NFTs will be considered “property” so Plaintiff has authority to access legal protections against the stolen property. Under the court order, two stolen NFTs have been frozen on the network and also ordered to the biggest NFTs trade platform OpenSea to provide all possible information related to the NFTs holders, which are supposed to be thieves in this case. 

For England and Wales, there is going to be a big clarity on NFTs collectibles, which can be frozen under the legal orders. 

Racheal Muldoon, a counsel on the case, said that 

It is of the utmost significance as, for the first time in the world, a court of law has recognized that an NFT is property capable of being frozen by way of an injunction,” Art Newspaper reported

Rachael further added:

“This ruling, therefore, removes any uncertainty that NFTs are property in and of themselves, distinct from the thing they represent, under the law of England and Wales.”

However, the OpenSea NFTs trade platform always claims to be a decentralized exchange but now the platform is silent on this matter of freezing NFTs assets on behalf of the latest rulings. 

Read also: Instagram may announce NFTs support soon