“Rather, it is the particular scheme by which Dapper Labs offers Moments that creates the sufficient legal relationship between investor and promoter to establish an investment contract, and thus a security, under Howey,” he wrote. “… In sum, Plaintiffs adequately allege that Dapper Labs’s offer of the NFT, Moments, was an offer of an ‘investment contract’ and therefore a ‘security,’ required to be registered with the SEC.”
