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

Dapper Labs, the company behind NBA Top Shot and other high-profile on-chain collectibles, has reached a settlement of a multi-year class-action lawsuit with disgruntled customers who argued that Top Shot NFTs were illegally offered securities, according to court documents released Monday. Roham Gharegozlou, CEO of Dapper Labs, said that as part of the settlement, Dapper Labs will pay the plaintiffs in the lawsuit $4 million. The funds include monetary relief against the plaintiffs' claims and will cover legal costs; in return, if the settlement is approved, the plaintiffs will waive any future rights to claim that Top Shot NFTs are securities.