Throughout the series, fans will continually be given the opportunity to win exclusive prizes contingent on collecting top-performing players. Throughout the season, around 5 million Moments will be permanently removed from circulation, through all tiers of scarcity. The Base Set Commons will have a mint of 8000 CC+ at the start of the season, plus another 8000 minted limited addition Moments.įurthermore, Rookies debuting in the 2022/23 season will enjoy a new Rookie Debut set. In this series, each player will be limited to one Base Set play. The flagship Rare Set, Metallic Gold LE, will mint below 400 and consist of 3 players per team, meaning the most coveted collectibles are put aside for the best players and teams. ![]() The forthcoming 2022-23 season Rare Moments will be capped at /999 mint. The season’s transfer of their cornerstone set will be limited to 50 plays, with a yet-to-be-announced “game-changing collaboration with partners. The minting quota will not exceed /99 per play, with a ceiling of 9,950 unique Legendaries to be minted the full season. The Legendary moments will become even more scarce than in previous seasons. However, here is a preview of what to expect, from the upcoming series, in the partnership between Dapper Labs and the NBA. ![]() The NBA season begins on the 18th of October, and the team at Hot Shots has some slam-dunk new initiatives.įurther details are planned for later in the week. Indeed, the court concludes its order by stating that “ot all NFTs offered or sold by any company will constitute a security, and each scheme must be assessed on a case-by-case basis.” While the order attempts to underplay the significance of this ruling, the court’s analysis and reasoning of the Howey test prongs in relation to NFTs could have far-reaching effects for clients native to the NFT space and traditional brands expanding into the space.Dapper Labs’ NBA Top shot announced their 2022/23 basketball season roadmap. This narrow ruling was the first of its kind to hold that an NFT could be considered a security. The court also found that Dapper Labs’ continued management and efforts to develop the Flow Blockchain ecosystem, both technologically and as a matter of promotion, are crucial to Moments retaining and increasing in value. The court found that because the posts included emojis such as the “rocket ship,” the “stock chart,” and “money bags,” they objectively meant one thing: a financial return on investment. Turning to the third prong, expectation of profits, the court held that social media statements made by Dapper Labs showed promotion of sales and statistics of Moments on the marketplace. The court reasoned that if, hypothetically, Dapper Labs were to go out of business and shut down the Flow Blockchain, the value of all Moments would drop to zero. Furthermore, once Moments are purchased on the platform, they are able to be sold only in the marketplace, which runs on the Flow Blockchain and is controlled by Dapper Labs. Dapper Labs’ sale of “packs” of Moments and the transaction fees on the marketplace generate revenue used to support and grow the Flow Blockchain. Under prong two of the Howey test, the court reasoned that the value of Moments is “causally related to the profitability of as a whole” because their value depends on the success of the Flow Blockchain. In its decision to deny the motion to dismiss, the court focused on prongs two and three of the Howey test. On February 22, 2023, the United States District Court for the Southern District of New York denied Dapper Labs’ motion to dismiss, holding that although “it a close call and the Court’s decision is narrow,” Moments qualify as a security under the Howey test. NBA Top Shot is an NFT platform, owned and operated by Dapper Labs, that allows consumers to buy, sell, and trade Moments (digital video clips of player highlights) on Dapper Lab’s Flow Blockchain. ![]() While the first of its kind to hold that an NFT could be considered a security, this seemingly narrow ruling could have far-reaching implications for other NFT projects and marketplaces. By surviving the motion to dismiss, the Plaintiffs plausibly alleged that these NBA Top Shot NFTs, and only these NFTs, could be a security. Dapper Labs that a lawsuit against the creator of the NBA Top Shot platform can proceed. ![]() In declining to dismiss a case alleging that non-fungible tokens (NFTs) called Moments are considered securities, a federal judge held in Friel v. The start of 2023 hasn’t gone much better for the blockchain and cryptocurrency industry than the end of 2022 did.
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