On February 22, 2023, a federal judge in the Southern District of New York issued a first-of-its-kind order allowing a securities class action lawsuit to proceed against the issuer of non-fungible tokens (“NFTs”) on the grounds that the NFTs are securities for purposes of federal securities laws. Friel v. Dapper Labs, Inc. et. al., Case No. 1:21-cv-05837-VM (S.D.N.Y). NFTs are digital tokens, frequently associated with digital content, for which ownership of the tokens is recorded on a blockchain. The order was issued in the context of a lawsuit against Dapper Labs, the creator and issuer of NBA Top Shot “Moments.” Moments are digital video clips of NBA game highlights and their associated NFTs minted by Dapper Labs. Moments are offered and sold on Dapper Labs’ proprietary digital platform, validated on Dapper Labs’ private blockchain (the “Flow Blockchain”) and trade on a secondary marketplace controlled by Dapper Labs. The lawsuit claims that Moments are securities and Dapper Labs offered and sold those securities in violation of the registration requirements of the federal securities laws. Dapper Labs filed a motion to dismiss the lawsuit, and the court rejected the motion, concluding that Moments are securities.Continue Reading A Closer Look: Federal Court Concludes that Certain NFTs May Be Securities: Preliminary Determination in Ongoing NBA Top Shot Litigation
Adrian Perry
Adrian Perry's practice focuses on transactional and advisory matters involving emerging and innovative uses of technology, intellectual property, and data. Adrian is a recognized practitioner in the entertainment, music, sports and technology industries. He is co-chair of the firm’s Entertainment and Media Industry group, co-chair of the firm's Music Industry practice, co-chair of the firm's Metaverse Initiative, and a driving force in the firm's Artificial Intelligence-related transactional and advisory work.
Adrian is ranked by Chambers and Partners in both the Technology and Media & Entertainment: Advisory categories. Chambers notes "Adrian is held in high regard for his expertise in the use of emerging technologies in the media and entertainment sector" and "[he] is business-minded, consistently collaborative and delivers actionable guidance." He has been recognized multiple times by Billboard as a Top Music Lawyer, by The Hollywood Reporter as a NY Power Lawyer and a Top Music Attorney, and by Variety in its Dealmakers Impact Report and Legal Impact Report, and been selected by Law360 as a Rising Star in Sports and Betting.
Adrian counsels clients from a wide range of industries on technology, IP, and data transactions, including:
- content production, licensing and acquisition
- content platform and app development
- AI outsourcing and other arrangements to obtain/develop or distribute AI products and services, including generative AI
- non-fungible token (NFT) partnerships and NFT platform investments
- metaverse platform content licensing, brand integration and tech services deals
- digital marketing and ad tech deals
- data use and commercialization
- digital and mobile content distribution
- software and IT services agreements
- sponsorship agreements
Adrian is also part of the firm's Artificial Intelligence and Internet of Things initiatives, advising on deals involving AI-powered and internet-connected products. He counsels clients from a wide range of industries on technology transactions, including content platform and app development, NFT and metaverse projects, digital marketing and ad tech deals, data use and commercialization, digital and mobile content distribution, content acquisition, software and IT services agreements, and sponsorship agreements. Adrian also has significant experience in the travel, education, and consumer goods industries.
In addition to stand-alone intellectual property and technology transactions, Adrian has advised numerous clients on the intellectual property, privacy and technology aspects of private equity, M&A, joint venture, financing, and other corporate transactions. He is also a certified information privacy professional (CIPP/US).
Adrian's past and current clients include American Airlines, AB InBev, A+E, AMC, the Anaheim Ducks, the Arizona Cardinals, Bacardi, the Black Music Action Coalition, BMI, Disney, Fox, Global Music Rights, the L.A. Clippers, Major League Soccer, MGM, the NBA, the NFL, the NHL, the National Music Publishers’ Association, Ovation, Roblox, the Rock and Soul Forever Foundation, Sony Music Entertainment, Squarespace, Universal Music Group, Univision, ViacomCBS, and WWE.
What clients have said about Adrian
- "He is thoughtful and incredibly knowledgeable in the media space and he is someone who looks for solutions."
- "He is amazing. He is really good as a reality checker for me when doing drafting and keeps things on track. Adrian is super responsive and is a pleasure to work with."
- "He is good at offering practical advice, even in complicated situations. He is always available, even on short notice, and he understands how new technology issues come into play in the music industry."
- "He is amazing. He is practical and has a fundamental understanding of emerging technology and also entertainment and copyright in general."
Read more about Adrian here.