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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    $3.62B Already Sold in 2025

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    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

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    Texas judge backs Logan Paul’s bid to escape CryptoZoo lawsuit

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    NFT market cap drops by $1.2B as Ether rally loses steam

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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  • Home
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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    $3.62B Already Sold in 2025

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    Who Needs 280 Bitcoin Domain Names? Massive BTC Bundle Goes Up for Auction

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    From Apes to Punks, NFTs roar back with triple the buyers

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    Crypto Gaming Handheld Shipments Delayed Over ‘Excessive’ Import Duties

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    Why AI NFT Companion Coins Could Be the Key to NFT Market Revival

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    Google Unveils Pixel 10 Lineup With AI Features, New Watch and Earbuds

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    Immutable & Koin Games Unveil Fast-Paced, Collector-Driven Project O

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    Wilder World Launches FPS at Gamescom with Samsung Partnership and $100K Prize Pool

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    ‘Wilder World’ Launches First-Person Shooter Game With $100K Tournament

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    ‘Pirate Nation’ Ethereum RPG Shutting Down as Crypto Gaming Graveyard Grows

    What the Borussia Dortmund Team-Up Means for ‘FIFA Rivals’ Players

    What the Borussia Dortmund Team-Up Means for ‘FIFA Rivals’ Players

    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

    KuCoin Spotlight Launches AKEDO Token Sale to Drive AI Gaming Innovation

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home NFT

Dapper Labs Reaches $4 Million Settlement in NBA Top Shot NFT Lawsuit

June 4, 2024
in NFT
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Dapper Labs Reaches $4 Million Settlement in NBA Top Shot NFT Lawsuit
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Dapper Labs, the company behind NBA Top Shot and other prominent on-chain collectibles, has settled a yearslong class action lawsuit with disgruntled customers who argued that Top Shot NFTs constituted illegally offered securities, court filings revealed Monday.

READ ALSO

Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

As part of the settlement, Dapper will pay out $4 million to the suit’s plaintiffs, the company’s CEO, Roham Gharegozlou, told Decrypt. Those funds include monetary relief for the plaintiffs’ claims, and will also cover legal fees.

In return, if the settlement is approved, the plaintiffs will forfeit any future right to claim that Top Shot NFTs are securities, per Gharegozlou.

“The settlement provides legal clarity and frees the Dapper Labs team up to focus on its core mission—delivering unparalleled experiences for its core users,” the executive said.

Last February, a federal judge ruled—in a major setback for Dapper—that the lawsuit could proceed, given that Top Shot NFTs “plausibly” met the definition of a securities offering.

Key to the judge’s finding was the fact that Top Shot NFTs live on Flow, a blockchain network originally developed by Dapper. The judge deemed Flow a “private” blockchain, in contrast with networks like Bitcoin or Ethereum, which are not controlled by any one entity.

Further, the judge found that statements made by Dapper and its representatives, including Gharegozlou, had implied the collectibles would increase in value over time.

The company has insisted in the past—and Gharegozlou maintained today—that Flow is sufficiently decentralized and not under Dapper’s control, given that the network is maintained by the independent Flow Foundation.

See also  ‘Mystery Society’ Puts an NFT Twist on Casual Party Games Like ‘Among Us’

The Dapper co-founder added, however, that the class action suit’s plaintiffs demanded “certain business changes” at the company as a condition of the settlement. Those demands, which have been accepted by Dapper, include the company’s relinquishing of any FLOW tokens in its possession to the Flow Foundation.

Other demands, such as that third party marketplaces besides Dapper be permitted to transact Top Shot NFTs, and that the company process withdrawals in a more timely manner, were already remedied years ago.

When the suit was first filed in 2021—the heyday of the digital asset boom—it marked one of the first tests of the security status of NFTs. Since then, huge swathes of the crypto fungible token market have come under fire by American regulators.

Except for sporadic circumstances featuring particular facts, NFTs appear to have—at least, for now—avoided such asset class-wide repudiation.

Tags: DapperLabsLawsuitmillionNBANFTreachessettlementShotTop

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Bank Accounting Software Market Rewriting Long Term Growth Story |FlexiInternational Software, Aptitude Software Limited

Bank Accounting Software Market Rewriting Long Term Growth Story |FlexiInternational Software, Aptitude Software Limited

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