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Fortune

Marco Quiroz-Gutierrez

Judge rules Dapper Labs can't dodge lawsuit on whether Top Shot NFTs are securities

Dapper Labs SEC NFT Lawsuit Fortune NBA

(Credit: Jakub Porzycki—NurPhoto via Getty Images)

Dapper Labs will have to defend itself against a lawsuit claiming its Top Shot NFTs are securities after a judge declined to dismiss the case on Wednesday.

The lawsuit, filed in 2021, alleges that Top Shot Moments, an NFT collection that features short clips of NBA highlights, are securities that should have been registered with the Securities and Exchange Commission, according to Bloomberg.

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