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DOMAINS TOKEN-G

Ronald Maguire

15 May 2022 249 Read Crypto , NFT

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UK Court Admits NFTs as Private Property

The High Court of Justice in London ruled that NFTs represent private property. This decision, which delighted the British Web3 community, was made after two digital works were stolen from the Boss Beauty collection. The theft case was brought to court in March, and on 29 April the UK Supreme Court made this decision. OpenSea was soon forced to stop selling NFTs #680 and #691 of Boss Beauty.

NFTs Now in Property Status

NFTs have already had property status by the U.S. Internal Revenue Service. The US and UK are doing something to fill the existing legal vacuum regarding NFTs.

 

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