Was trading NBA Top Shots actually like trading stocks? A lawsuit will decide

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Dapper Labs is accused of breaking the Securities Act of 1933.

NBA Top Shot developer Dapper Labs and its CEO, Roham Gharegozlou, will face a lawsuit accusing the company of selling unregistered securities in the form of its “Moments,” which are non-fungible tokens for sports fans.

When we covered NBA Top Shot near the peak of its activity in March 2021, many users still couldn’t get their money out of the platform. According to CryptoSlam, the number of active buyers peaked that month at 184,000 before sharply declining, while a post on the company’s blog from March 26th, 2021, said about 28,000 users were approved for withdrawals, with 5,000 more due to be added in the next week.

In their counterarguments, lawyers for Dapper Labs and Gharegozlou wrote, “When Dapper sold its Moments, it was selling formed products not as part of capital fundraising but as products. This was not a capital investment drive, not an appeal to passive investors, but the sale of cards to collectors.”

 

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