A federal judge has ruled that Bored Ape Yacht Club (BAYC) NFTs from Yuga Labs do not qualify as securities under U.S. law. Judge Fernando M. Olguin dismissed the lawsuit, stating that the plaintiffs failed to demonstrate that the NFTs met the Howey Test criteria for securities. The court highlighted that BAYC NFTs were marketed as digital collectibles with membership benefits rather than investment vehicles. This decision is expected to provide legal clarity for NFT projects, including those within the Shiba Inu ecosystem.