The US judge applied the Howe test and found that the NBA's Top Shot NFT met the requirement to be considered a security

According to BlockBeats, on February 23, a US federal judge applied the Howe test and found that Dapper Labs' NBA Top Shot "Highlight Moments Series NFT" met the requirements to be considered a security. One of the judges denied a motion by Dapper Labs CEO Roham Gharegozlou to dismiss a lawsuit alleging that his company violated securities laws by selling the NBA's Top Shot series of NFTS without the standard registration and disclosure applicable to other investment contracts.