NBA Top Shot Moments NFTs Appear to Be Securities, Judge Says

The creator of the National Basketball Association’s Top Shot NFTs must face a lawsuit accusing it of selling unregistered securities, marking a new development in a broader fight over how to classify cryptoassets like nonfungible tokens.

In the suit, filed in 2021, purchasers of Top Shot Moments — digital video clips of highlights from NBA games — allege that Dapper Labs violated US securities law by offering the items without registering them with regulators and that Dapper improperly used its control over the popular collectibles.

US District Judge Victor Marrero on Wednesday denied a request by Dapper to throw ...