For the Wolters Kluwer Trade Mark blog, Louis Adcock looks at a recent decision by the High Court – Lavinia Deborah Osbourne v (1) Individuals Unknown (2) Ozone Networks Inc. – that has now confirmed that NFTs should be considered property.
This decision could have massive ramifications for NFTs and their development as a commercially worthwhile asset. Prospective buyers can now see there is a degree of enforceability involved in protecting NFTs. This is likely to encourage further investment in this area which could lead to larger businesses making investments in NFTs and this invariably would increase the degree of confidence that others would have in the field.
As this is a High Court decision, the status of NFTs as property is applicable to England and Wales. The question on everyone’s minds will be: where is the best jurisdiction to buy and sell my NFTs? At this juncture, the only answer is to watch this space.
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