NBA's 'Top Shot' NFTs Are Securities, Judge Rules in Dapper Labs Case

Dapper Labs’ NBA-branded “Top Shot” non-fungible tokens are plausibly securities, a federal judge ruled Wednesday.

"The Court finds that Plaintiffs’ allegations render each consideration under Howey facially plausible and survive Defendants’ Motion to Dismiss the alleged violation of Sections 5 and 12 of the Securities Act," the ruling said.

This is a developing story and will be updated.