The Singapore High Court declared that non-fungible tokens (NFTs) can be deemed property. This decision has become a watershed moment for NFTs, which are rapidly gaining momentum worldwide. Usually, NFTs include paintings, photos, videos, music, and GIFs. In other words, it can be any unique digital artwork.
The Singapore High Court ruled out that the non-fungible token can be considered property. This is why they are subject to regulatory norms and rules related to private property. Judge Lee Seiu Kin created a precedent by admitting that NFTs meet certain legal requirements to be deemed property and have an owner who should be recognized by third parties. In the spring, the Singapore Court blocked a Bored Ape NFT from the sale, protecting the digital assets as legal property. The claimant appealed to the court as the lender threatened to sell the collateral token after the failed negotiations on refinancing the loan. The claimant demanded to recognize his ownership of the token, which he used as collateral for crypto loans. As a result, he was able to confirm ownership of the NFT in court.
It appears courts are able now to ensure the protection of investors’ ownership of NFTs. Currently, the cost of 1 BAYC digital monkey reaches $150,000.