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NFTs Can Be Considered Property, According to Singapore High Court Ruling

The claimant in the case used the NFT as collateral to borrow crypto from another party known by the pseudonym “chefpierre,” something he had done multiple times before with other lenders. However, in the midst of discussing refinancing their loan, “chefpierre” threatened to exercise the foreclose option on the NFT unless the loan was paid back in full, which the claimant was unable to do.