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Andreessen Horowitz’s crypto Fund a16z has partnered with Stand With crypto and OpenSea to create the Creators Legal Defense Fund.
According to the statements from OpenSea and a16z, this initiative is designed to provide legal support and consulting to artists and creators using blockchain technology, particularly those working with nfts.
A6z has Fiance One million dollars to the defense fund, joining OpenSea, which engaged $5 million.
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nfts have allowed artists to directly monetize their work, maintain authenticity, and earn royalties through smart contracts.
Legal challenges and assistance
Recent legal challenges, including a Wells Notice issued to OpenSea by the U.S. Securities and Exchange Commission, have raised concerns within the nft community.
Increasing regulatory pressure on blockchain-based creators has made legal assistance a priority.
The fund will provide creators with legal assistance from firms including Cooley LLP, Fenwick & West LLP, Goodwin Procter LLP and Latham & Watkins LLP.
These services will help artists ensure their projects comply with the law and provide defense against potential government action, according to a16z.
Miles Jennings, general counsel and head of decentralization at a16z, wrote that “fear of potential legal repercussions should not stop well-intentioned artists” from exploring new initiatives like nfts.
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