19 May, 2022

Singapore Blocks Sale of a Rare NFT

In a first ever ruling, Singapore High Court blocked the sale and transfer of a rare NFT. 

A Singapore citizen won a court injunction to stop any potential sale and ownership of BAYC NFT.

The Singaporean citizen is seeking to repossess the rare NFT which he previously owned from an online persona named "chefpierre".

The NFT in question, BAYC No. 2162, was used as a collateral for a loan. 

The original NFT owner, Mr. Rajnesh, had successfully borrowed and paid back many cryptocurrency loans using the NFT as collateral.

The floor price of the popular NFT collection Bored Ape Yacht Club (BAYC) has fallen below 50% this month alone. 

NFTs have also suffered a significant loss in the ongoing crypto market crash.