The U.K. Supreme Court ruled that NFT is property protected by existing law.
The court handed down the verdict during a lawsuit filed by Lavinia Osborne, founder of the Women in Blockchain Talks educational community. She went to court in March after two non-interchangeable tokens from her cryptocurrency wallet were stolen from her Boss Beauties collection.
To my knowledge, this is the first time ever that a court has granted NFT the status of property that can be frozen by decree.
This court ruling removes any doubt that NFTs are property under England and Wales law,” said Osborne’s attorney Rachel Muldoon.
The Supreme Court ordered the stolen tokens, which are held in the accounts of Ozone Networks, the company that owns the OpenSea marketplace, to be blocked. In addition, the court ordered the firm to provide information about the two new owners of the stolen NFTs. The agency concluded that the location of the crime could not be determined, so the court’s jurisdiction was not limited.