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- Disney is expanding its knowledge of the metaverse and NFTs
- A new job listing from the entertainment giant seeks an attorney to guide the push into Web3
- Principal counsel will provide day-to-day legal advice to Disney legal teams
The entertainment conglomerate is looking for a principal counsel with expertise in non-fungible tokens (NFTs), the metaverse, blockchain technologies, and decentralized finance to lead the business through what appears to be its imminent and aggressive push into Web3.
The position’s Friday job posting states that the attorney will primarily provide “legal advice and support for global NFT products” developed in conjunction with Disney Parks, Experience, and Products and Disney Media and Entertainment Distribution.
Disney is doubling down on its commitment to a strong Web3 presence
Additionally, the principal counsel will provide thought leadership and strategic direction on products involving digital currency and blockchain technology and provide day-to-day legal advice to Disney’s legal and business teams.
After CEO Bob Chapek referred to the metaverse as the next great storytelling frontier, such specifics suggest that Disney is increasing its commitment to a robust Web3 presence.
In February, Disney appointed Mike White, a technology executive, as Senior Vice President of Next Generation Storytelling and Consumer Experiences, a division that will supposedly lead Disney’s efforts in the metaverse after experimenting with NFTs in 2021.
Disney’s Web3 ambitions have remained elusive, despite the fact that the company has hired a number of NFT specialists and even selected a number of crypto companies for its accelerator program since then.
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Bored Ape Yacht Club and Cryptopunks could be treated as securities
The company may be experimenting with digital currencies and decentralized finance mechanisms in addition to NFTs and metaverse ecosystems, as revealed by Friday’s principal counsel posting.
These innovations are likely to be developed and implemented on an accelerated and aggressive timeline, according to the job description.
Disney’s hiring also shows that it is aware of the growing legal and regulatory pressures on crypto and the NFT industry. According to the job posting, Disney’s NFT legal czar will evaluate securities law issues related to the promotion and sale of NFTs.
In a lawsuit filed last week, the U.S. Securities and Exchange Commission (SEC) argued that the entire Ethereum ecosystem should be regarded as an American securities exchange.
A final draft of the landmark MiCA crypto regulation that was leaked a few days later suggested that the European Union’s governing body might soon regulate blue-chip NFT collections like Cryptopunks and Bored Ape Yacht Club as securities.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
