5/23/2023 0 Comments Dapper labsDapper Labs then announced the creation of Moments – NFTs individually marked with unique identifiers that refer to video clip highlights of basketball games. In 2019, Dapper Labs launched the NBA Top Shots (Top Shots) platform on the Flow Blockchain as a joint venture between itself, the National Basketball Association (NBA), and the National Basketball Players Association. Seeking faster transaction throughput, Dapper Labs later launched its own decentralized “Flow Blockchain” and native FLOW token. In issuing its holding, the District Court found “fundamental” plaintiffs’ assertion that defendants’ maintenance of a private blockchain was required in order to support the sale and ongoing trading of Moments.ĭapper Labs was founded in 2018 shortly after the debut of its first NFT collection, “CryptoKitties,” which was so successful it created a bottleneck of transactions on the decentralized Ethereum Network.In the decision, the District Court denied defendants’ motion to dismiss a class action complaint that alleged the offer and sale of basketball-themed NFTs (referred to as “Moments”), which resided on a decentralized “private” blockchain and were available only through a centralized platform, qualified as “investment contracts” under the standard set forth by the U.S. The United States District Court for the Southern District of New York recently confirmed for the first time that under certain circumstances, nonfungible tokens (NFTs) may qualify as securities under the Securities Act of 1933 (Securities Act), and that crypto assets (nonfungible or otherwise) may also qualify as securities regardless of whether they were offered under an “initial coin offering” (ICO).
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