The plaintiff of the suit, filed in New York’s Southern District Court last week, is the Canadian holding company Free Holdings, whose owner was not named in the lawsuit. Free Holdings alleges that it claimed the rights to the NFT after McCoy failed to renew his ownership., which are minted on Ethereum, McCoy had used a blockchain software called NameCoin to create. Pieces minted on the software are known as NameCoins, and they have to be reclaimed by their owners every 250 days.
“While the blockchain records are self-evident, such records cannot defend themselves in the face of concerted efforts by a formative artist and auction house to establish a false narrative concerning what is presumed to be the first NFT,” reads the complaint.
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