South Korean court rules NFTs as speculative and not protected under legislation

01/22 12:44

According to NFTsPremier, a South Korean court has recently ruled that non-fungible tokens (NFTs) are considered speculative investments and are not protected under current legislation. This decision comes amid a growing debate about the legal status of NFTs, which have become increasingly popular as a way to buy and sell digital art and other unique digital assets. The court’s ruling came in response to a case brought by an individual who had purchased an NFT but later found out that the digital artwork was not unique, as the seller had created multiple copies. The individual sought compensation for their losses, but the court determined that NFTs are speculative investments and are not protected under current consumer protection laws.

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