The ruling concluded plaintiffs failed to show a common enterprise or a reasonable expectation of profits tied to Yuga Labs’ efforts; the court emphasized NFTs were marketed as collectibles and membership perks, sales occurred through third-party marketplaces, and creator royalties and decentralized distribution diminished any issuer-dependent profit expectation. The decision narrows the scope of securities law for NFTs and could limit similar investor claims against creators and marketplaces.

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