Victims of NFT theft can now have their stolen assets frozen through court injunctions.
An NFT, or Non-Fungible-Token, is a completely unique digital asset stored on a blockchain. Most NFTs at a high level is a part of the Ethereum blockchain, a few of note being the Bored Ape Yacht Club, Lucky Block NFTs, and Pudgy Penguins. While an NFT could be highly valued because of its artistic qualities, the social prestige of owning it, or the hope that it will grow in value in the future. The ownership of an NFT can sometimes be confused with copyright or trademark rights. Owning an NFT that depicts The Mario Brothers eating ice cream on top of a rainbow dragon does not mean you own every rendition of this image, only that singular NFT. Because the NFT is stored on a blockchain and you are its sole owner, you could sell the NFT to anyone you wish, at any time.
There has been a trend in the NFT space where ownership of an NFT from a particular collection grants one access to other goods and services, such as books, and free access to events. This may give some NFTs more inherent value if these extra assets are highly sought after.
Recognized personal assets in the UK include both tangible and intangible property of an entity whether that be of an individual or an organization that is not a part of its real property, or real estate, that they own. Before March of this year, the UK court system had never declared NFTs personal property until the theft from Lavinia D. Osbourne of two digital works from the Boss Beauties NFT collection – where the case was taken all the way up to the high courts. This is a collection of 10,000 NFTs depicting empowered women featured at the New York Stock exchange… read more
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