US Judge Permits Lawsuit Claiming NBA Top Shot NFTs Are Securities

US Judge Permits Lawsuit Claiming NBA Top Shot NFTs Are Securities
The NBA logo painted on the sideline before the game between the Golden State Warriors and the Milwaukee Bucks at Chase Center in San Francisco on Mar. 12, 2022. Darren Yamashita/USA TODAY Sports via Reuters
Reuters
Updated:

NEW YORK—The creator of a marketplace for National Basketball Association Top Shot non-fungible tokens must face a lawsuit claiming that the tokens are securities, a U.S. judge ruled on Wednesday.

U.S. District Judge Victor Marrero in Manhattan rejected Dapper Labs Inc.’s bid to dismiss a proposed class action by purchasers of NBA Top Shot Moments, which are digital video clips of NBA game highlights.