A Singaporean court has stopped the sale of a Bored Ape non-fungible token amid issues on ownership.
BTC is down 2.61%, ETH down 1.85%, and ADA down 4.77%.
The sale was prevented by a Singapore citizen under the username chefpierre.eth, who noted that BAYC NFT No. 2162 is one of his “most treasured” and “irreplaceable” possessions, which he does not intend to sell.
The user, however, noted that he used the NFT as collateral to borrow cryptocurrencies to be able to score bigger loans due to its “rarity and high value,” according to a filing.
The ownership issues have damped the sale of the NFT, which ruled that the sale should be stopped subject to the resolution of the issue after it was foreclosed after being used as collateral.
The legal sector is closely monitoring the sector, as the case is the first commercial dispute which recognizes NFTs as “valuable property worth protecting,” indicating that the tokens are digital assets.