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 a ‘property’ in the UK.
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 recognized that an NFT is a property. Moreover, showing 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, it gives assistance to identify the current holders of the tokens and help return the NFTs to their rightful owner.