Dapper Labs Resolves Legal Dispute, Confirms Flow Blockchain’s Decentralized Status
Dapper Labs, the brains behind popular digital collectible platforms like NBA Top Shot, has announced a legal resolution that solidifies key aspects of its operations.
In a message from CEO Roham Gharegozlou, the company revealed that it has reached a significant legal settlement confirming two crucial points: the decentralized nature of the Flow blockchain and the non-security status of digital collectibles.
The resolution underscores Dapper Labs’ unwavering commitment to Flow’s decentralization, with the blockchain now officially recognized as a decentralized public network.
Great news! We @dapperlabs today announced a legal resolution that reaffirms two of our most important positions:
— roham (@roham) June 4, 2024
After discovery, it was understood and agreed that @Flow_blockchain is a decentralized public network and that digital collectibles like @NBATopShot are not…
Moreover, digital collectibles offered on platforms like NBA Top Shot are now formally acknowledged as non-securities, akin to traditional trading cards.
As part of the settlement, Dapper Labs has pledged to further decentralize Flow, ensuring the complete transfer of all $FLOW coins to the Flow Foundation’s ecosystem development reserve.
Despite this transfer, Dapper Labs retains a substantial stake in $FLOW and remains an active contributor to the Flow ecosystem.
With this legal matter resolved, Dapper Labs is doubling down on its efforts to innovate and enhance user experiences.
The company is actively developing new products and features, including the exciting Fast Break game tailored for NBA and WNBA enthusiasts and the upcoming NBA Top Shot mobile marketplace.
For more Web3 news, check out the XGA newsfeed.
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