Partnering with Stand with Crypto to Defend Artists & Creators
Artists and creators have been early adopters of blockchain technology and NFTs, which have helped them directly monetize and control their work, ensure authenticity, and earn royalties through smart contracts. Yet, unlike most of the crypto industry, they have been spared from the ire of the Securities and Exchange Commission (SEC). That has started to change.
Recently, the singer-songwriter Song a Day Man and economic and legal expert Brian Frye proactively filed a lawsuit against the SEC, arguing that, given its hostile nature to crypto, their artistic freedom and livelihoods are under attack.
We applaud this brave effort but we also understand the immense capital needed to defend oneself from the endless resources of the U.S. government.
We have also seen the news that the SEC issued a Wells Notice to OpenSea, and we feel that artists should not be intimidated by government agencies to experiment with blockchain technology.
If recent history has taught us anything, artists and creators looking to use blockchain technology should only expect this to continue.
That’s why we are partnering with Stand with Crypto, Cooley LLP, Fenwick & West LLP, Goodwin Procter LLP, and Latham & Watkins LLP to offer legal services and consultations for artists and creators who are facing potential government action or simply want to ensure they are structuring their NFT projects in a legal and compliant manner.
To kickstart this effort, Andreessen Horowitz will be joining Stand With Crypto and following OpenSea’s example by contributing $1 million to the legal defense fund.
For full details visit Stand with Crypto here.
NFTs, or non-fungible tokens, are an innovative blockchain-based tool enabling digital property rights over various digital and physical assets. They are digital proof that you own something. That something can be digital art or concert tickets.
Blockchain technology will bring artists and fans closer together while also helping artists better monetize their work, ultimately bringing more creativity into the world.
The fear of potential legal repercussions should not hold back well-meaning artists from experimenting with new technologies that may better serve their fans and families.
We hope others will join our efforts to support artists and creators. If you want to get involved, please sign up here.
If you are an artist or creator recently contacted by the SEC, or if you’re curious about using blockchain technology but concerned about potential litigation, please get in touch here.
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