The UK’s High Court has brought in some good news for NFT owners this week, as it rules that Non-Fungible Tokens are legally classified as a form of property.
While NFTs have long gained a reputation as an alternative means of fundraising and asset ownership, one of the key challenges to their utility stemmed from the legal foundations upon which ownership and copyright stood. This court ruling, as a result, will have far-reaching implications in both questions of NFT theft, and for the legal frameworks of other countries regarding digital assets.
This legal decision was brought about by an action from Lavinia Osbourne – Founder of Women in Blockchain Talks – who argued that two NFTs from the Boss Beauties series, were stolen from her online wallet. The digital assets themselves were minted and sold in order to create opportunities for women in the tech field.
While the full judgment is expected to be published later in the week, the Judge presiding asserted that NFTs were legal ‘property’, and were afforded the same legal protections as other assets.