NFTs governed as legal property – victims of theft seeking legal protection

A UK High Court case has concluded with the recognition of NFT as legal property. The ruling further means that citizens of England and Wales will have greater protection if ever NFT is stolen.

The landmark case in question occurred in March of this year, when Lavinia Osborne, the founder Women in blockchain discussions, Claims that two digital works from the NFT collection of boss beauties have been stolen from her wallet After exploring the nature of digital assets, the judge ruled that NFTs were ‘assets’ and thus able to gain access to legal protections.

In this instance, the protection offered was a ban on freezing assets in the ozone network (which hosts openness), as well as the disclosure of a bankers’ trust that forced OpenSea to disclose information about two account holders who Hold on to stolen NFTs. In addition, a permit was issued to serve orders regardless of jurisdiction, which is significant considering the largely unknown location of Web3 actors and activities.

Speaking about the case, Rachel Muldun, a lawyer in the case, said: “This is significant because, for the first time in the world (as far as we are aware), a court of law has recognized that an NFT is a property that can be frozen by a ban. This ruling, therefore, removes any uncertainty under NFTs (as a token consisting of code) under the law of England and Wales, which is different from the things they represent (e.g., a digital artwork). “

Now such a verdict has been made, at the next stage NFT recovery in Osborne Has occurred, including blocking NFT sales on OpenSea’s platform, as well as recruiting intelligence agency Mitmark to gather evidence, identify current holders and facilitate the return of assets.

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* All investment / financial opinions published by NFT Plaza come from the personal research and experience of our site moderators and are intended as educational material only. Individuals need to do thorough research on any product before making any kind of investment.

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