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UK court recognizes NFT as property

UK court recognizes NFT as property

The U.K. High Court recognized non-exchangeable tokens (NFTs) as property in a case of digital asset theft. 

According to Art Newspaper, the decision on the NFT recognition as property was made as part of a lawsuit filed by Lavinia Osbourne, founder of the Women in Blockchain Talks educational platform. Osbourne claimed that intruders had stolen two NFTs from the Boss Beauties collection on OpenSea.

The Court sided with the plaintiff, recognizing the NFT as property. The Court also obliged OpenSea's parent company, Ozone Networks, to freeze the accounts of the intruders. Moreover, the Court requires the U.S. financial institution Bankers Trust to provide information about the two account holders who are holding the stolen NFTs.

As Osbourne's court representative Racheal Muldoon stated, the recognition of the NFT as property is crucial “It is of the utmost significance as, for the first time in the world (as far as we are aware), a court of law has recognized that an NFT is property capable of being frozen by way of an injunction,” says Racheal Muldoon “This ruling, therefore, removes any uncertainty that NFTs (as tokens consisting of code) are property in and of themselves, distinct from the thing they represent (e.g., a digital artwork), under the law of England and Wales.”

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