Dapper Labs told by a judge that NFTs created on proprietary blockchains may be securities. NFTs on Ethereum are not attacked by the same legal argument. This could be quite important.

“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."