Dapper Labs Declares NBA Top Shot Moments not Securities
CryptoNewsTerminal Staff04 Jun, 2024
Dapper Labs Declares NBA Top Shot Moments not Securities
Dapper Labs, the developer behind the NBA Top Shot NFTs and Flow blockchain, made an announcement on its official channel that it has reached a major settlement in the class action lawsuit filed against it by NBA Top Shot holders. This serves as legal clarification that Moments held on the NBA Top Shot NFT are not considered securities under federal law, and that the Flow blockchain is a permissionless, fully decentralized public blockchain. In light of this development, Roham Gharegozlou, CEO of Dapper Labs, stated, "With this legal clarity, Dapper Labs can fully focus on its goal of improving user experience. Furthermore, the Flow developer, partner, and entrepreneur community can now concentrate solely on creating innovative Web3 applications without the burden of legal concerns." This settlement brings much-needed clarity to the legal status of NFTs and the Flow blockchain, enabling Dapper Labs and the broader Web3 community to move forward with confidence.
