In other words, the judge agreed that chefpierre broke the refinancing agreement and authorised the claimant to serve chefpierre court papers virtually. This decision is significant because it affirms the nature of NFTs as property, which should be protected by law, and also establishes a precedent for NFT-related issues to be tried in court, including serving court papers virtually.
Digital assets advocates have to battle to protect and secure legal status for them. NFT supporters in Singapore won a significant legal victory when a Singaporean High Court judge ruled that NFTs are real property.
In May, the court issued an injunction against the transfer of a Bored Ape NFT. This move was a follow-up to that injunction.
According to the plaintiff, chefpierre agreed to refinance the Bored Ape 2162 collateral loan with him, after he defaulted. After reneging on their agreement, chefpierre attempted to seize the Bored Ape 2162, which prompted court action to stop him.
The chefpierre judge ruled that chefpierre broke the refinancing agreement and allowed the claimant to serve chefpierre court papers virtually, thus affirming NFTs’ status as property, which should receive legal protection, and also setting a precedent for NFT-related matters to be heard in court.
