A New York federal Judge has dismissed the Canadian corporation Free Holdings Inc.’s lawsuit claiming ownership of the digital artwork Quantum, the first known NFT created by Kevin McCoy and sold by Sotheby’s for $1.47 million. While the NFT was minted on “Namecoin,” an early blockchain controlled by Free Holdings, the judge says McCoy later minted it on Ethereum, making them two different NFTs.
The ruling said that Free Holdings “failed to allege a proprietary interest in Quantum,” meaning the company was not able to provide enough evidence to support their claim that they had sole ownership of Quantum.
This case is a prime example demonstrating how blockchain technology can be used to confirm ownership of NFTs.
This is a developing story and will be updated.