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    Home » News » UK Courts Recognise An NFT As Property In Stolen Boss Beauties Case

    UK Courts Recognise An NFT As Property In Stolen Boss Beauties Case

    By MicahMay 9, 2022Updated:September 20, 20222 Mins Read

    UK’s High Court recognized two digital works from the Boss Beauties NFT collection as properties in a theft case. The ruling marked the first time NFTs are recognized as ‘property’ in the UK.

    The picture shows a Boss Beauties NFT which was stolen and announced as property by UK High Court
    One of the two stolen NFTs: Boss Beauties #680. Credit: Boss Beauties on OpenSea

    Boss Beauties Theft Case Ruling in UK Says NFTs Are Properties

    Last March, Lavinia Osbourne, the founder of Women in Blockchain Talks, said there were two digital works from the Boss Beauties NFT collection stolen from her online wallet. The NFT project is popular, as it was among the first in the industry that created opportunities and raised funds for females.

    The judge in the case held the stolen assets as “properties”. Thus, giving NFTs legal protections. In this instance, an injunction was placed on the accounts on Ozone Networks, freezing the assets. At the same time, the injunction also compelled OpenSea to send all information available on the two account holders believed to hold the stolen NFTs.

    For England and Wales, this ruling has far-reaching implications. According to Racheal Muldoon, a counsel on the case, what happened is of the utmost significance. It is the first time in the world that a court of law has recognised an NFT as property. Moreover, it showed that an injunction can freeze these digital assets.

    “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.”

    OpenSea already blocked the sale of the NFTs on the platform. However, the NFT marketplace has been silent about the recent ruling.

    The intelligence firm, Mitmark, collated evidence for the case. At the same time, gives assistance to identify the current holders of the tokens and help return the NFTs to their rightful owner.

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    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.

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    Micah

    Micah is a writer based in the Philippines. She loves to write about the things that spark her interest like tech, art, blockchain, and NFTs. In her free time, she paints using acrylic and watercolor, reads fictional novels, and plays video games.

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