In one of the first legal cases in the US to test how blockchain technology applies to artists’ rights, a New York court has dismissed a lawsuit over the ownership of “the world’s first NFT.” Quantum was minted by Kevin McCoy in May of 2014, before Ethereum had launched or the term NFT (Non-fungible token) was even introduced. The NFT was then sold at Sotheby’s for $1.5m in June 2021. Last February, both McCoy and the auction house were sued by Free Holdings, which claimed to be the rightful owner of Quantum.
Source: New York court dismisses case over ownership of ‘world’s first NFT’