NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
      • NFT Launchpad
    • Newsletter
    NFT Evening NFT Evening
    News

    Home » News » Singapore High Court Rules NFTs Can Be Considered Property

    Singapore High Court Rules NFTs Can Be Considered Property

    By James EllisOctober 25, 2022Updated:October 26, 20222 Mins Read

    NFTs now hold a legal status similar to property in Singapore, thanks to a high court ruling on Friday. The order refers to a May injunction case surrounding the sale of a Bored Ape Yacht Club NFT.  The Judge confirmed that NFTs meet the legal requirements to be considered property. Therefore, the ruling will have a significant impact on NFTs in Singapore and perhaps around the world.

    image of Singapore skyline NFT
    A high court judge in Singapore has ruled that NFTs are property.

    NFTs are now legally property in Singapore

    The court case in Singapore regarding the sale of a Bored Ape Yacht Club NFT has gone all the way to the highest court in the country.

    On Friday, Justice Lee Seiu Kin confirmed the status of NFTs as meeting the requirements for property status. A key reason for this includes NFTs being distinguishable from one another (hence the non-fungible term). 

    The injunction is the first of its kind in Asia. In addition, the nature of the request – a commercial dispute over NFTs – is extremely rare worldwide. We will see more web3-related cases in the coming years once the legal system catches up with the technology.

    What next for NFT law?

    Mr. Janesh Rajkumar originally put forward the Singapore NFT case to protect his BAYC NFT. He used the NFT as collateral for cryptocurrency loans on the community platform NFTfi.

    Mr. Janesh had agreed on a loan with someone known as ‘chefpierre’ and had asked for an extension of time to repay the borrowed sum.

    According to the claimant, the two parties began discussions, but chefpierre refused the new conditions and threatened to use the foreclose option to seize the NFT. In the end, chefpierre received BAYC #2162 using the foreclosure option. Mr. Janesh launched a legal case in Singapore to dispute this.

    Following this, the Judge in the NFT Singapore case put an injunction in place to stop the sale or transfer of the BAYC NFT.

    On the back of this BAYC injunction, NFTs have been given property status. However, this isn’t a permanent conclusion. Justice Lee also stated, “A different conclusion may well be reached with the benefit of fuller submissions.” 

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    BAYCBored Ape Yacht Clubnft lawYuga Labs
    Previous ArticleSplinterlands Partners With OpenSea To Launch Exclusive NFTs
    Next Article Apple’s new App Store Rule: NFTs allowed, But No Extra Functionality
    James Ellis
    • Twitter

    James is an English teacher and freelance writer with a passion for NFTs, football, film and technology.

    More great NFT Evening content:

    Art Blocks launches creator-friendly NFT marketplace

    March 30, 2023

    NFT Art Lands Pussy Riot Founder Nadya Tolokonnikova on Russia’s Wanted List

    March 30, 2023

    NFTb Welcomes My Neighbor Alice Token, ALICE, As First Native Token

    March 30, 2023

    Metamask Airdrop Rumors Dismissed by Metamask: Stay Safe!

    March 30, 2023

    Royal Mint Ditches NFT Project Amid Consultations With UK Government

    March 29, 2023

    Disney Metaverse Dreams Crushed in Layoff Bombshell

    March 29, 2023

    Virtual Fashion: Rozy’s Avatar Takes the Runway at Decentraland MVFW Dressed by Ilona Song

    March 29, 2023

    Otherside by Yuga Labs presents: Legends of the Mara

    March 29, 2023
    Latest NFT News

    Art Blocks launches creator-friendly NFT marketplace

    March 30, 2023

    NFT Art Lands Pussy Riot Founder Nadya Tolokonnikova on Russia’s Wanted List

    March 30, 2023

    NFTb Welcomes My Neighbor Alice Token, ALICE, As First Native Token

    March 30, 2023

    Metamask Airdrop Rumors Dismissed by Metamask: Stay Safe!

    March 30, 2023

    Royal Mint Ditches NFT Project Amid Consultations With UK Government

    March 29, 2023

    Y00ts Finally Makes the Move to Polygon!

    March 29, 2023

    Disney Metaverse Dreams Crushed in Layoff Bombshell

    March 29, 2023

    Virtual Fashion: Rozy’s Avatar Takes the Runway at Decentraland MVFW Dressed by Ilona Song

    March 29, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Columns
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Job Opportunities
    • About Us
    • Contact Us
    • Newsletter
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.