NFT creator Dapper Labs urged a Manhattan federal court to toss a lawsuit claiming its NBA Top Shot Moments are securities, saying the plaintiffs can’t “make a federal securities case over basketball cards.”
The blockchain-based video clips of basketball players were developed as collectables with the National Basketball Association, and bear none of the hallmarks of securities, Dapper Labs wrote in its motion to dismiss the case on Wednesday.
“Basketball cards are not securities. Pokémon cards are not securities. Baseball cards are not securities. Common sense says so. The law says so. And, courts say so,” the company said.