NFT court orders are a possible solution to crypto and blockchain litigations. Everyone can account for their mistakes on a blockchain while remaining anonymous.
NFT court orders are catching up to the trends, with several courts serving orders through NFT airdrops. The first report of such an occurrence was in June 2022, involving the law firms Bluestone and Holland & Knight.
The two legal entities represented LCX in a lawsuit involving unauthorized access to its platform and assets and the theft of $8 million. The 25 individuals flagged in the lawsuit were anonymous, despite the exchange confirming one of the addresses.
The New York Supreme Court issued the airdrop to prevent the other addresses from selling the stolen assets or transferring them anywhere. The nature of the case and how hard it can be to issue a court order to anonymous users was the reason for this agreement.
This case opened up the possibilities NFT court orders could achieve within the blockchain and crypto space. So far, several recordings of the court orders in 2022 matched the same pathway, both in the US and UK. Notably, these two countries are just some of the ones adopting this forward-thinking strategy.
From social media to NFT court orders
The technological advances globally have social media as a way to connect with anyone, anywhere. Sites like Facebook, Instagram, and Twitter are among the top-used social media platforms globally. Legal entities have utilized their wide reach to help in litigation previously. However, the new era of web 3.0 will deem centralized platforms obsolete.
This statement is not to say that they have not served their purpose over the years. They are the leading cause of the futuristic thinking involved in blockchain and crypto. Their shortcomings, combined with that of many traditional sectors, influenced the creation of a better system that involves all without limitations.
Notably, well-known names in the social media space, like Elon Musk and Mark Zuckerberg, are investing in the new technology. On that note, litigation through NFT court orders is plausible. It will defy the limits of web 2.0 and open a new chapter, enabling charges for bad actors within the blockchain industry. It also protects the identity of defendants, making it easier for their cooperation during legal proceedings.
Too soon?
The question is whether this method is coming too soon in the legal and virtual assets space. It is safe to say that the new tech cannot erode traditional methods immediately. However, these steps will get the global population to the future. Additionally, this evolution needs proper implementation to avoid any risks involved. After all, there is still so much unknown and much to accomplish through crypto, blockchain, web 3.0, and DeFi.
