The Stand With Crypto Alliance, a CoinbaseThe sponsored nonprofit is leading efforts to create the Creator Defense Fund initiative, which has raised $6 million from venture capital firm Andreessen Horowitz.a16z) and the NFT market open sea.
According to a Sept. 13 press release, a16z contributed $1 million to the fund, while OpenSea pledged the remaining $5 million.
The alliance said that legal pressures — such as recent SEC pressures Wales Notice to OpenSea – is a signal that blockchain-based developers will continue to face Significant regulatory threatsAnd the purpose of this fund is to help those who need it.
The creator's defense fund
The purpose of the fund is to provide legal protection to artists and creators who are facing government action or regulatory uncertainty, particularly in the crypto space.
Miles Jennings, general counsel of a16z, emphasized that the fund is designed to help creators who use blockchain to connect with fans, monetize their work, and nurture creativity. He explained that the plan involves partnering with leading law firms to provide legal advice to creators.
According to Jennings, NFTs are innovative blockchain-based tools that enable digital ownership rights over various digital and physical assets. Assets are proof of ownership of anything, including digital art or concert tickets.
he has been added:
“Blockchain technology brings artists and fans closer together, while helping artists better monetize their work and ultimately bring more creativity to the world. “Fear of potential legal repercussions should not deter well-intentioned artists from experimenting with new technologies that may better serve their fans and families.”
OpenSea CEO Devin Finzer announced The release of a free open-source NFT titled “Rising Tides Lift All Boats” on Base to commemorate the fund's launch and symbolize the industry's resilience.
It's worth noting that members of the crypto community have welcomed the move, including Stack's Bradley Freeman to say:
Manufacturers are the lifeblood of NFTs and the rarest resource in the world of infra and dev tools. “If you're a creator on the cutting edge of technology, you're valuable, and you'll be rewarded for being early in the years and decades to come.”
