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 Legal Defense Fund.

According to the statement made by OpenSea and a16z, this initiative is designed to provide legal support and consultancy to artists and creators using blockchain technology, especially those working with NFTs.

A6z donated $1 million to the defense fund, joining OpenSea, which has donated $5 million.

Rising tides lift all boats.

OpenSea has committed $5 million to cover the legal fees of NFT artists and developers who have received Wells notices from the SEC. Today, I’m pleased to announce that we’re taking it a step further by launching the Creator Legal Defense Fund, spearheaded by…

— Devin Finzer (dfinzer.eth) (@dfinzer) September 13, 2024

NFTs have enabled artists to directly monetize their work, preserve their originality, and earn royalties through smart contracts.

Legal objections and assistance

Recent legal challenges, including the U.S. Securities and Exchange Commission’s Wells Notice to OpenSea, have raised concerns in the NFT community.

Increasing regulatory pressure on blockchain-based creators has made legal assistance a priority.

The fund will offer creators legal support from firms including Cooley LLP, Fenwick & West LLP, Goodwin Procter LLP and Latham & Watkins LLP.

According to a16z, these services will help artists ensure their projects are legal and defend against potential government actions.

“Fear of potential legal ramifications should not deter well-intentioned artists from exploring new initiatives like NFTs,” wrote Miles Jennings, General Counsel and Head of Decentralization at a16z.