The NFT itself is the fraud.

Is it? The NBA is selling "clips" of Basketball plays. They make clear in the terms of the sale that the buyer does not have any rights to the video after buying the NFT. The NBA can do whatever it wants with the actual video including selling it again

Putting a fraudilent scheme with all caps in your ToS and EULA doesn't make it legit.

Is it not the same for physical basketball cards? I doubt you own the rights to the photograph or even the stats on the card.

How is it a fraud? Nobody claims it to be anything other than a token.