Is Disney looking into cryptocurrency, DeFi, and NFTs?
News from the KALLY Coin Development team on September 27, 2022
An attorney is needed to oversee the entertainment giant’s aggressive, yet still covert, push into Web3, according to a recent job posting.
Disney is researching NFTs and the metaverse more deeply.
To lead the business through what looks to be an impending — and aggressive — push into Web3, the entertainment behemoth is seeking to engage a principal counsel with expertise in NFTs, the metaverse, blockchain technology, and decentralized finance.
In accordance with a job advertisement for the position published on Friday, the lawyer will primarily offer “legal advice and assistance for worldwide NFT products” developed in association with Disney Media and Entertainment Distribution as well as Disney Parks, Experiences, and Products.
Additionally, the principle counsel will “offer ongoing legal consultation on NFT and cryptocurrency related problems and issues to Disney legal and business teams,” as well as “give thought leadership and strategic direction on products utilizing digital currency and blockchain technology.”
These specifics suggest that Disney, months after CEO Bob Chapek referred to the metaverse as “the next great narrative frontier,” is strengthening its commitment to a significant Web3 presence.
Disney hired tech expert Mike White in February to be Senior Vice President of Next Generation Storytelling and Consumer Experiences, a division that will allegedly oversee Disney’s operations in the metaverse, after the company began testing with NFTs in 2021.
Since then, the business has hired a number of NFT experts and even selected a number of cryptocurrency startups for its accelerator program, but specifics of Disney’s Web3 goals have remained elusive.
The corporation may be seeking to experiment with digital currency and decentralized financial mechanisms in addition to NFTs and the metaverse ecosystems, according to the main counsel posting from Friday. According to the job description, these ideas will probably be created and implemented “on an expedited and aggressive timeframe.”
The hire also demonstrates Disney’s awareness of the mounting legal and regulatory constraints that the NFT sector and cryptocurrency markets are now under. According to the job description, Disney’s NFT legal czar would pay close attention to assessing “securities law risks” associated with “the promotion and selling of NFTs.”
In recent weeks, the debate over which digital assets are subject to more scrutiny and regulation by governmental agencies as securities has reached a boiling point.
The Ethereum ecosystem as a whole ought to be regarded as an American-based securities exchange, according to a complaint filed last week by the SEC in the United States. Days later, a final copy of the historic MiCA crypto legislation by the European Union that had been leaked suggested that the continent’s supreme court would soon regulate prestigious NFT collections like Bored Ape Yacht Club and Cryptopunks as securities.
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