{"id":14048,"date":"2024-06-04T13:15:25","date_gmt":"2024-06-04T10:15:25","guid":{"rendered":"https:\/\/forklog.com\/en\/dapper-labs-settles-nba-top-shot-lawsuit-for-4-million\/"},"modified":"2024-06-04T13:15:25","modified_gmt":"2024-06-04T10:15:25","slug":"dapper-labs-settles-nba-top-shot-lawsuit-for-4-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dapper-labs-settles-nba-top-shot-lawsuit-for-4-million\/","title":{"rendered":"Dapper Labs Settles NBA Top Shot Lawsuit for $4 Million"},"content":{"rendered":"<p>Dapper Labs has reached a settlement in a class-action lawsuit over allegations of selling unregistered securities in the form of NFTs, according to <a href=\"https:\/\/www.theblock.co\/post\/298286\/dapper-labs-settles-nba-top-shot-moments-lawsuit-for-4-million\">The Block<\/a>.<\/p>\n<p>The company agreed to resolve the claims by paying $4 million, which will be allocated to the plaintiffs&#8217; settlement fund.<\/p>\n<p>Dapper Labs described the settlement as confirmation that the NBA Top Shot Moments tokens are not securities. However, last year, a judge issued a contrary ruling, allowing the plaintiffs to continue the proceedings.<\/p>\n<p>The case was initially filed in 2021 in New York.<\/p>\n<p>The plaintiffs alleged that Dapper Labs earned hundreds of millions of dollars in profits by selling unregistered securities, artificially &#8220;supporting the market&#8221; for its NFTs. They also accused the company of preventing users from withdrawing their funds for &#8220;months.&#8221;<\/p>\n<p>Roham Gharegozlou, founder and CEO of Dapper Labs, who was a co-defendant in the lawsuit, was exonerated as a result of the settlement. He described the settlement as a &#8220;significant step forward&#8221; for the firm and the Flow blockchain community.<\/p>\n<p>The company noted that since March 2022, four &#8220;additional&#8221; marketplaces have added support for NBA Top Shot Moments tokens.<\/p>\n<p>According to The Block Data, the weekly trading volume of the NFT collection peaked at $133.6 million in January 2021. Since then, the figure has significantly decreased, ranging from ~$350,000 to $510,000 in May.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"300\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Non-Ethereum-Art-and-Collectibles-NFT-Trade-Volume-Google-Chrome-1024x300.jpg\" alt=\"Non-Ethereum-Art-and-Collectibles-NFT-Trade-Volume-Google-Chrome\" class=\"wp-image-234070\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Non-Ethereum-Art-and-Collectibles-NFT-Trade-Volume-Google-Chrome-1024x300.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Non-Ethereum-Art-and-Collectibles-NFT-Trade-Volume-Google-Chrome-300x88.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/Non-Ethereum-Art-and-Collectibles-NFT-Trade-Volume-Google-Chrome-768x225.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/Non-Ethereum-Art-and-Collectibles-NFT-Trade-Volume-Google-Chrome.jpg 1491w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: The Block Data.<\/figcaption><\/figure>\n<p>In November 2023, Dapper Labs announced the launch of a mobile-focused NFT platform, Pinnacle, in collaboration with Disney, based on Flow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dapper Labs has reached a settlement in a class-action lawsuit over allegations of selling unregistered securities in the form of NFTs, according to The Block. The company agreed to resolve the claims by paying $4 million, which will be allocated to the plaintiffs&#8217; settlement fund. Dapper Labs described the settlement as confirmation that the NBA [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1577,1213],"class_list":["post-14048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-dapper-labs","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14048"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14047"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}