Dapper Labs Settles NBA Top Shot Lawsuit for $4 Million

Jun 4, 2024, 12:29 AM

Dapper Labs, the parent company of NBA Top Shot, has reached a $4 million settlement in a class action lawsuit. The lawsuit accused Dapper Labs of selling unregistered securities through its NBA Top Shot Moments NFTs. The settlement reaffirms that the Flow blockchain, used by NBA Top Shot, is a decentralized public network and that digital collectibles like NBA Top Shot Moments are not considered securities.