There has been a legal development in the largely un-regulated world of Non Fungible Tokens (NFT). An NFT is essentially a token to show ownership of a digital asset.
Singapore's high court granted a worldwide injunction to the owner of an NFT who had used the NFT as collateral for a loan. The ruling meant that any sale or transfer of ownership of the NFT was frozen. This shows that NFTs are being recognised as property, a decision mirrored in the High Court in London a few months ago. With decisions such as these, NFT owners are gaining rights as owners of digital assets which can be protected in the courts.
The bored ape NFT in this case was rare as it was the only image with a happy expression and wearing a beanie. The owner of the NFT in this case remains anonymous but there have been other high profile investors in a bored ape NFT - Neymar, Paris Hilton, Madonna and Snoop Dog are all reported owners and Justin Bieber apparently invested $1.3 million in a bored ape NFT.
Investors in crypto currency such as NFTs should still be wary as these court decisions, while adding protection to their assets, do not offer full legal protection... Yet.