The company agreed to pay $4 million to settle the lawsuit, which was filed by plaintiff Luis Friel. Friel alleged that Dapper Labs sold unregistered securities by offering NBA Top Shot Moments NFTs to the public.

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Dapper Labs denies any wrongdoing and maintains that its NFTs are not securities. The company said in a statement that the settlement “does not constitute an admission of any liability or wrongdoing by Dapper Labs.”

The settlement is a significant development for the NFT industry. It is the first major class-action lawsuit alleging that NFTs are securities to be settled. The outcome of the case could have implications for other NFT companies.

The post NFT Creator Dapper Labs Settles US Lawsuit appeared first on Coin Engineer.