Dapper’s Failed Attempt to Dismiss Lawsuit Over NBA Top Shot NFT Moments

02/25/2023 04:47 • Daily Digest • 93 views

It is reported that Dapper tried to dismiss the lawsuit filed against the company for violating the securities law when providing NBA Top Shot NFT Moments. Victor Marrero, a federal judge in Manhattan, rejected Dapper’s motion of rejection because he found that the argument of marking Top Shot NFT as a security was reasonable, which was the first time in this new technology.

Legal expert: The judge’s judgment is a very good decision in the lawsuit filed against Dapper’s accusation of violating the securities law

Interpretation of the news:

The world of NFTs has been shaking up the art and tech industries alike, offering revolutionary ways to trade and collect digital assets. However, it seems that the legality of such transactions is still far from clear, as demonstrated by the recent lawsuit filed against Dapper Labs.

Dapper, the company behind NBA Top Shot NFT Moments, has been accused of violating the securities law by selling unregistered securities to the public. The lawsuit claims that the NBA Top Shot NFTs are essentially digital securities since they have all the characteristics of an investment contract, such as an investment of money, expectation of profits, and efforts of others to generate those profits.

In an attempt to dismiss the case, Dapper argued that its NBA Top Shot NFTs were not securities but rather “collectibles” or “digital assets.” However, the company’s argument was shut down by federal judge Victor Marrero in Manhattan, who rejected Dapper’s motion of dismissal.

Judge Marrero found the plaintiff’s argument of Top Shot NFTs being classified as securities as reasonable, which marks the first time in the world of NFTs that such a claim was accepted by a court. This decision can set a precedent for future lawsuits regarding the legality of NFTs and their classification as securities.

There is no doubt that this ruling has significant implications for the NFT industry as a whole. It emphasizes the importance of proper legal compliance and oversight in the development and distribution of these digital assets.

However, it remains to be seen how this will affect Dapper and its NBA Top Shot NFT Moments. The company now faces the challenge of convincing the court and the public that its NFTs are not securities, which could be a tough battle.

In conclusion, the rejection of Dapper’s motion to dismiss the lawsuit over NBA Top Shot NFT Moments is a significant milestone in the legal landscape of digital assets. It highlights the need for transparency, regulation, and compliance in the NFT industry, which is still in its infancy.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/3287.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.