Two years ago, we wrote about a cautionary tale in which a New York federal court allowed a complaint alleging that a popular set of NFT basketball cards were “securities” to survive dismissal, rejecting the argument that, even as alleged, these NFTs were merely “collectibles” (with defendants likening them to “Pokémon cards,” “rare coins,”
We have previously discussed the thorny intellectual property implications of non-fungible tokens (“NFTs”), units of data stored on a blockchain that signify ownership of a unique digital media item. But another emergent issue facing the NFT market is what, if any, application federal securities laws have on the offer and sale of NFTs. This issue