Tuesday, May 24, 2022
HomeCourtsUK Courts Recognize An NFT as Property in Stolen Boss Beauties case

UK Courts Recognize An NFT as Property in Stolen Boss Beauties case

UK’s High Court acknowledged two digital works from Boss Beauties NFT collections as properties in a case of theft. This was the first time NFTs were recognized in the UK as a property.

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 this case considered the stolen assets to be “properties”. This gave NFTs legal protections. Ozone Networks accounts were placed under injunction, which effectively froze the assets. OpenSea was also required to provide all information possible on the account holders who were believed to have the stolen NFTs.

This ruling has wide-reaching consequences for England and Wales. Racheal Muldoon is a counsel in the case. He says that what happened was of great significance. This is the first international recognition by a court that an NFT can be considered property. These digital assets can also be frozen if an injunction is issued.

“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. The NFT marketplace, however, has not spoken out about the ruling.

Mitmark, an intelligence company, gathered evidence in support of the case. The intelligence firm Mitmark also provided assistance in identifying the token holders and helping to return the NFTs back to their rightful owners.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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