Non-Fungible Tokens (NFTs) have exploded in popularity due to media coverage and increased interest from major brands. Distinct from other blockchain applications but powered by the same underlying digital ledger technology, the use of NFTs beyond transferring digital files and collectibles is poised to continue growing.
In response to this changing landscape, we formed a multidisciplinary NFT Task Force to help guide organizations through this uncharted legal territory. Specific challenges include the nature of NFTs as distinct assets (non-fungible) instead of interchangeable currencies (such as Bitcoin) and expanding use cases across the entertainment, sports, music, art, fashion, manufacturing, and real estate industries, among others.
Of note, we were one of the first AmLaw 50 firms to create, mint, list, and sell an NFT during a live demonstration where our team took the audience through a step-by-step demonstration and discussion of legal considerations.
Areas of Focus
- Commercial Contracts, Joint Ventures, and M&A
- Intellectual Property, Licensing and Monetization
- Patents, Trademarks, and Copyright
- Venture Capital and Private Equity Investment
- Regulatory Compliance and Advocacy
- Cybersecurity & Privacy
- Litigation and Dispute Resolution
- Represented Gary Vaynerchuk’s NFT project VeeFriends on its $50 million seed investment from a16z crypto, a venture capital fund managed by Andreessen Horowitz that invests in crypto and web3 startups.
- Assisted the Utah Jazz in the launch of their JazzNFT program, JAZZXR, which combined the franchise’s first NFT with access to unique live content.
- Advising the Milwaukee Bucks with development and minting of memorabilia as an NFT.
- Advising NFT trading platform Snowcrash on its formation, financing, and partnership with Sony Music Entertainment and Universal Music Group.
- Advising Propy on the issuance of the world’s first NFT underlying a real estate property.
- Advising BlockPack on navigating the regulatory landscape, drafting terms for deals, and setting terms and conditions for its NFT marketplace relating to the establishment of a college sports Name, Image, and Likeness (NIL) program.
- Advising Thirty Madison d/b/a Keeps, a leading online provider of personal hair loss treatments, on its partnership with Jeff Krantz, a NFT influencer and owner of Cryptopunk #6457.
- Represented LG Technology Ventures in its Series B funding of Animoca’s blockchain and NFT integrated game The Sandbox.