A16z, OpenSea partner with Stand With Crypto to create NFT legal fund  

Andreessen Horowitz’s a16z Crypto fund has partnered with Stand With Crypto and OpenSea to create the Creator Authorized Protection Fund.

In line with publications from OpenSea and a16z, that is the case initiative is designed to supply authorized assist and recommendation to artists and creators utilizing blockchain know-how, particularly these working with NFTs.

A6z has promised $1 million to the protection fund, which joins OpenSea, which involved $5 million.

NFTs have allowed artists to instantly monetize their work, preserve authenticity, and earn royalties by means of sensible contracts.

Authorized challenges and assist

Latest authorized challenges, together with a Wells Discover to OpenSea by the U.S. Securities and Alternate Fee, have raised considerations throughout the NFT neighborhood.

The rising regulatory burden on blockchain-based creators has made authorized help a precedence.

The fund offers creators with authorized help from companies comparable to Cooley LLP, Fenwick & West LLP, Goodwin Procter LLP and Latham & Watkins LLP.

These providers will assist artists be sure that their tasks are legally compliant and supply safety in opposition to potential authorities actions, in response to a16z.

Miles Jennings, normal counsel and head of decentralization at a16z, wrote that “the concern of potential authorized repercussions shouldn’t deter well-intentioned artists from exploring new initiatives like NFTs.