🔔Blockchain News Flash! Dapper Labs, the company behind the NBA Top Shot NFT series, recently reached a settlement with dissatisfied customers, resolving a class action lawsuit that lasted for several years. These customers had believed that Top Shot NFTs were illegally offered securities. 📜

Dapper Labs CEO Roham Gharegozlou said the company will pay $4 million to the plaintiffs in the lawsuit as part of the settlement, and these funds will be used to compensate the plaintiffs for their claims and pay legal fees. 👨‍⚖️

If the settlement is approved, the plaintiffs will waive any future rights to claim that Top Shot NFTs are securities. Gharegozlou emphasized that this settlement provides legal clarity, allowing the Dapper Labs team to focus on its core mission and provide an unparalleled experience for its core users. 🎉

Last February, a federal judge ruled that the lawsuit could proceed because NBA Top Shot NFTs "may" meet the definition of a securities offering. The key to the judge's ruling is that NBA Top Shot NFTs exist on Flow, a blockchain network originally developed by Dapper. The judge considered Flow to be a "private" blockchain, unlike networks such as Bitcoin or Ethereum, which are not controlled by any entity. 🔐

The Dapper Labs co-founder added that the class action plaintiffs required the company to make "certain business changes" as a condition of the settlement, which Dapper accepted, including that the company transfer all FLOW tokens it holds to the Flow Foundation. 🤝

That's all for today's blockchain news flash, let's look forward to Dapper Labs' next move! 🚀