The Daniel Patrick Moynihan U.S. Courthouse in the Southern District of New York, at 500 Pearl St. (Photo: Ryland West/ALM) Dapper Labs $4M Settlement, $1.3M in Attorney Fees Reveal NFT Settlement Trend
"What you see happening is the real development around NFTs isn't necessarily in a particular image or art or music or film," said Jim Walker, a partner at Perkins Coie who counsels blockchain businesses on potential regulatory risk avoidance and mitigation.
October 31, 2024 at 02:13 PM
4 minute read
Cryptocurrency
What You Need to Know
- A class of purchasers sued Dapper Labs at the height of the NFT boom and this week obtained a $4 million settlement.
- The combined market capitalization from sales of the NBA Top Shot NFTs sold by Dapper Labs netted the company nearly $2 billion.
- An Am Law 50 firm attorney and blockchain expert provided an observation on the larger context of the litigation.
A federal district court in New York granted final approval to a seven-figure attorney fees award and a multimillion-dollar settlement between Dapper Labs Inc., the firm behind National Basketball Association non-fungible tokens, and a class of purchasers who alleged that these digital assets sold by the defendant were unregistered securities.
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