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US Courts to Decide If NFTs Are Securities as DraftKings Case Goes to Trial

A U.S. District Court judge in Massachusetts has denied DraftKings' motion to dismiss a class action lawsuit alleging its NFTs are unregistered securities, potentially setting the stage for a landmark trial that could reshape the NFT landscape.The case, Dufoe v. DraftKings Inc., which was filed in March 2023, claims that DraftKings' sports-themed NFTs on the Polygon blockchain meet the criteria of the Howey test, potentially classifying them as securities. Now, a new court filing indicates that ...

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