Who Owns The First NFT? It’s Been Decided.
Back in 2014, Kevin McCoy and Anil Dash whipped up the first NFT at a digital art conference. Fast forward to 2021, and McCoy banked $1.5 million selling that historic NFT, Quantum, at an auction. But six months later, a Canadian company called Free Holdings sued McCoy, saying they owned the NFT. 🎨
A New York judge tossed the case, saying the company didn’t prove ownership, bad intentions, or damages. Free Holdings argued that McCoy lost ownership of Quantum by not updating his records on the Namecoin ($NMC) blockchain in 2015, and they claimed it in 2021. For the auction, McCoy moved the NFT to Ethereum and said the original was “burned” when the registration expired.