The Creator Legal Defense Fund was established by Andreessen Horowitz’s a16z Crypto fund in collaboration with Stand With Crypto and OpenSea.
Releases from OpenSea and a16z state that this project aims to offer legal advice and assistance to artists and creators who use blockchain technology, especially those who deal with NFTs.
A6z has joined OpenSea and contributed $5 million in pledging $1 million to the defense fund. With smart contracts and NFTs, artists may now directly commercialize their creations, preserve their authenticity, and receive royalties.
Legal Issues and Support
The NFT community is concerned about recent legal difficulties, notably a Wells Notice that the US Securities and Exchange Commission sent to OpenSea.
Legal support is now a top concern due to the increasing regulatory pressure on blockchain-based creators.
The fund will provide inventors with legal support from law firms, including Goodwin Procter LLP, Latham & Watkins LLP, Cooley LLP, and Fenwick & West LLP.
According to a16z, these services will assist artists in ensuring their work is consistent with the law and offer protection against future government actions.
Miles Jennings, General Counsel and Head of Decentralization at a16z, wrote that “the fear of potential legal repercussions should not hold back well-meaning artists” from exploring new initiatives like NFTs.
