NBA’s ‘Prime Shot’ NFTs Are Securities, Choose Guidelines in Dapper Labs Case

“Slightly, it’s the explicit scheme by which Dapper Labs gives Moments that creates the enough authorized relationship between investor and promoter to determine an funding contract, and thus a safety, underneath Howey,” he wrote. “… In sum, Plaintiffs adequately allege that Dapper Labs’s supply of the NFT, Moments, was a proposal of an ‘funding contract’ and subsequently a ‘safety,’ required to be registered with the SEC.”