Singapore High Court blocks potential sale and transfer of rare NFT
In a first, a Singaporean man has won a court injunction to stop any potential sale and ownership transfer of a non-fungible token (NFT) that was previously owned by him.The injunction, issued by the Singapore High Court last Friday (May 13), is also said to be the first in Asia - as well as globally for a purely commercial dispute - to protect an NFT.
NFTs are tokens that exist on decentralised digital ledgers called blockchains. They can be used to represent underlying assets, which can be digital or physical, such as artwork, videos and music.According to court documents provided to The Straits Times, the High Court's injunction protects a unique Bored Ape Yacht Club (BAYC) NFT, which a Singaporean man is seeking to repossess from an online persona named "chefpierre".BAYC is a limited collection of NFTs, each featuring an ape with distinctive attributes.
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