A Court from Singapore Bans the Sale of a BAYC Collection NFT

The High Court of Singapore has banned the sale of a non-fungible token (NFT) from the Bored Ape Yacht Club (BAYC) collection as part of a loan agreement proceeding, the law firm Withers KhattarWong, which represents the interests of the plaintiff, has reported.

The official statement reads:

“Withers KhattarWong, an international law firm, has secured, on behalf of a Singaporean NFT investor, a global injunction against the sale and transfer of ownership of the rare BAYC token”.

The NFT we are talking about is the BAYC #2162, whose average value of transactions amounts to 7.98 ETH. NFT marketplace OpenSea has flagged it as being associated with “suspicious activity,” which prevents the owner of the asset from listing it for sale.

The average price of tokens from the BAYC collection is 95 ETH ($193,040).