May 25, 2022

In the UK, NFT was recognized as property

The Supreme Court of Great Britain recognized NFT as property, the right to own which is protected by the current legislation.

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The authority issued this verdict duringconsideration of the lawsuit filed by the founder of the educational community Women in Blockchain Talks Lavinia Osborne. She went to court in March after two non-fungible tokens from the Boss Beauties collection were stolen from her crypto wallet.

“As far as I know, for the first time in history, the court has awarded NFT the status of property that can be frozen on the basis of the ruling.”

“This court decision removes any doubt that, according to the law of England and Wales, NFTs are property,” said Ocborne lawyer Rachel Muldoon.

Bepxovny court ordered to block the stolentokens that are stored on the accounts of Ozone Networks, which owns the OpenSea market. In addition, the authority ordered the company to provide information about two new owners of the stolen NFTs. The department came to the conclusion that the place of the crime could not be determined, so the jurisdiction of the court was not limited.

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