A lawsuit claiming that Dapper Labs’ NBA Top Shot NFTs are actually unregistered securities will go forward after a judge rejected their argument to dismiss it.
NBA Top Shot developer Dapper Labs and its CEO, Roham Gharegozlou, will face a lawsuit accusing the company of selling unregistered securities in the form of its “Moments,” which are non-fungible tokens for sports fans. Despite Dappers’ lawyer’s claims that “Basketball cards are not securities. Pokémon cards are not securities. Baseball cards are not securities. Common sense says so. The law says so. And, courts say so,” Judge Victor Marrero decided to let the case go forward.
The plaintiffs cited marketing for NBA Top Shot that highlighted high-priced sales of Moments and increased trading on the platform, like this tweet about a $208,000 transaction for a LeBron James Moment. The plaintiffs referenced our 2021 article in their lawsuit as part of their argument that Dapper Labs didn’t stop Top Shot users from viewing and referring to their purchases of Moments as investments. 'In February 2021 the average Moment sold for $181.81, now the average sale is $10.40.
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