- Dapper Labs lawsuit from 2021 comes back to haunt NBA Top Shot NFTs.
- Federal Judge says the NFT platform “satisfies the requirements” of securities.
- The lawsuit argues that Flow blockchain is private and thus qualifies as securities.
Dapper Labs is in the hot seat as the United States District Court Judge Victor Marrero rejected the motion from Web3 company to throw out a pending class-action lawsuit. The case filed by a woman from Virginia back in May 2021 blamed the most popular basketball memorabilia NFT marketplace for “preventing the holders from cashing out in time.” It was deemed “lame” by experienced crypto traders, but the tables have turned.
Judge Victor Marrero thinks the idea that NBA Top Shot NFTs are securities is “plausible” because the...
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