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NBA Top Shot NFTs Are 'Plausibly' Securities, Judge Rules in Dapper Labs Lawsuit

Are NBA Top Shot NFT moments unregistered securities? That’s what a lawsuit filed against Top Shot creator Dapper Labs in 2021 alleges—and the judge apparently agrees.

United States District Court Judge Victor Marrero today denied Dapper’s request to dismiss the suit, writing that the NFTs offered on Dapper's platform indeed appear to satisfy the requirements of a security.

In his ruling, Marrero used the Howey Test—referring to a landmark U.S. Supreme Court case—and determined that the NBA Top Shot NFT collectibles platform plausibly meet the stipulations of a security. As a result, the case will continue and Dapper Labs must stand trial.

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