NFT Creator Dapper Labs Settles US Lawsuit

Dapper Labs, the company behind the popular NBA Top Shot Moments NFT collection, has settled a class-action lawsuit alleging that the company violated securities laws.

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.