Sotheby's Had No Right To Sell $1.5M NFT, Suit Says

By Charlie Innis (February 2, 2022, 6:54 PM EST) -- A Canadian entity claiming to own Quantum, a non-fungible token believed to be the first of its kind, alleged in New York federal court that Sotheby's wrongly marketed the NFT's ownership in an auction where the artist sold the work for $1.47 million.

Free Holdings Inc., the plaintiff, said in the complaint filed Tuesday that it is the rightful owner of the NFT. According to Free Holdings, it took ownership of the piece in 2015 after Kevin McCoy, the artist behind Quantum, allowed the blockchain record for the NFT to expire.

Given the alleged change of ownership, Free Holdings claims that...

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