The injunction from the Singapore High Court results in stopping or blocking the sale of a specific Bored Ape Yacht Club (BAYC) NFT
All this started from a citizen of Singapore’s plea where he claimed that a specific non-fungible token of Bored Ape Yacht Club was taken away from him wrongfully. The man won the injunction from the Singapore High Court that would block the sale or transferring of the BAYC NFT, which he claimed belonged to him rightfully. As per the report, the NFT is currently under the ownership of an online lender dubbed as ‘Chefpierre.’
The man who appeared in the court has been identified as Janesh Rajkumar by the Strait Times (ST), who is seeking to regain the ownership of BAYC #2162 NFT that belonged to him. Rajkumar put his NFT as the security against the loan that was taken from Chefpierre but he claimed that the NFT was taken from him wrongfully.
When it comes to the most popular non-fungible tokens, it becomes crucially obvious to include the Bore Ape Yacht Club NFTs to the discussion as they are quite popular among celebrities and famous personalities. Its fame can be implied by the fact that some of these celebrities have paid a huge amount of money in order to acquire them. From Justin Beiber to Neymar Jr., from Eminem to Madonna, who is the latest celebrity who became the owner of a BAYC NFT for which she paid about 180 ETH, are the owners of this digital asset.
While explaining the details and uniqueness of his NFT, Rajkumar made the argument that the collection is even rare among the BAYC NFTs themselves which is itself the rare collection of NFTs. He explained that the reason for its rarity is that it enabled its holder to create another series that is exclusive in itself. Along with leveraging the rarity and high value of the NFT, its owner Rajkumar was able to use it as security collateral while borrowing.
Rajkumar put arguments in front of the Singapore High Court where he insisted his loan agreement with Chiefpierre specified that he was not giving up the ownership of that NFT. The agreement had stated that in the event he anyhow fails to pay back under the time limit, Rajkumar would inform Chiefpierre who would then provide a suitable extension for the period of repayment.
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Source: https://www.thecoinrepublic.com/2022/05/22/why-did-the-singapore-high-court-order-to-block-bayc-2162-nfts-sale-or-transfer/