- a16z, OpenSea and Stand With Crypto Launch $6M Creator Protection Fund.
- OpenSea pledged $5 million and a16z $1 million.
- The fund will help the NFT market within the coming weeks following the SEC's announcement of Wells v OpenSea.
Enterprise capital agency Andreessen Horowitz is partnering with NFT market OpenSea and Coinbase-backed nonprofit Stand With Crypto to launch a brand new fund targeted on authorized protection of the cryptocurrency creator ecosystem.
On Friday, a16z Crypto, Stand With Crypto and OpenSea introduced the launch of the Creator Authorized Protection Fund with an preliminary $6 million. The fund focuses on authorized safety for artists and creators, in keeping with particulars shared by the three platforms.
“This collaboration represents a big milestone in our mission to empower and shield the voices of artists and creators who depend on blockchain expertise,” the corporations wrote.
OpenSea pledges $5 million
The Creator Authorized Protection Fund disclosure comes simply two weeks after the US Securities and Trade Fee (SEC) issued Wells' discover towards OpenSea – a number one NFT market. The SEC announcement means that the regulator is contemplating a lawsuit towards the platform for securities violations.
Following the SEC's Wells Discover, OpenSea issued a press release noting that it could “get up and combat.” Co-founder and CEO Devin Finzer referred to as the regulator's method stunning, OpenSea mentioned it’s donating $5 million to a fund aimed toward defending NFT creators.
On September 13, {the marketplace} together with a16z and Stand With Crypto unveiled a creator protection fund. a16z mentioned it could contribute $1 million, whereas OpenSea pledged $5 million. The CEO of OpenSea famous that the fund will provide authorized experience to each creators and builders.
We’re honored to launch along with the Creator Authorized Protection Fund @a16zcrypto and @standwithcrypto.
Each creator, huge or small, ought to be capable of innovate with out worry. https://t.co/96wPpLTKjF
— OpenSea (@opensea) September 13, 2024
The fund will use authorized consultants from varied legislation corporations, together with Cooley LLP, Fenwick & West LLP, Goodwin Procter LLP and Latham & Watkins LLP.
SEC and cryptographic intervention
The SEC continues to attract criticism from throughout crypto and from US lawmakers for regulating it by forcing entry to cryptocurrencies.
On Thursday, the regulator introduced a settlement with eToro. It included a financial superb and a cease-and-desist order that will see the platform take away all crypto tokens besides bitcoin, ethereum, and bitcoin money.
