There has been additional indications that media giant the Walt Disney Company could be planning an ambitious entry into metaverse, non-fungible tokens (NFTs), and decentralized finance (DeFi) — three cutting-edge areas of innovation.
According to an advertisement on LinkedIn, Disney is recruiting a transaction lawyer who will investigate opportunities in emerging technology like NFTs, blockchains, metaverses and DeFi.
The ideal candidate would join the Corporate Transactions Group within Legal’s Corporate Transactions Department as an experienced corporate attorney.
Disney requires NFTs to provide legal advice and support for global products while working closely with other Disney attorneys and business stakeholders including Media and Entertainment Distribution as well as Parks, Experiences and Products, according to an advertisement released earlier.
NFT products must meet applicable US and international laws and regulations, in addition to complying with all necessary safety standards.
“Providing assistance in conducting due diligence for NFT, blockchain, third party marketplace and cloud provider projects as well as negotiating and drafting complex agreements for these initiatives.”
An in-house crypto counsel would need to provide legal support for National Financial Trusts on an ongoing basis, reviewing advertising and marketing disclosures as well as securities law issues related to promotion and sale.
It also indicates that the lawyer is available for court cases.
“Providing thought leadership and strategic direction on products involving digital currency and blockchain technology while offering advice regarding related legal and regulatory matters.”
This position requires at least 5-8 years of experience managing and executing complex corporate transactions, with knowledge of NFTs, cryptocurrency trading platforms, and web3 preferred.
Lawyers at corporations frequently structure deals, draft documents, negotiate agreements and work to protect their clients’ future interests.
Deadline reports that at this month’s D23 Expo fan convention, Disney CEO Bob Chapek addressed their plans to build a metaverse. As quoted by Deadline:
Disney+ will become both a lifestyle platform and movie-streaming service through “next-generation storytelling,” with consumers being able to experience nearly everything found at theme parks digitally as well as physically. While we generally avoid using the M word, Disney+ is set to become not just an offering of movies but a lifestyle platform that provides consumers with virtual theme park experiences as well as physical ones.”
Additionally, he discussed his firm’s goal to give all users an immersive virtual reality experience that replicated real life. Furthermore, he alluded to an experiential platform.
Disney formed a group of senior employees and executives in February to oversee its metaverse venture. Mike White had over ten years of service to Disney before joining this team; as part of it he was given the title of Senior Vice President for Next Generation Storytelling and Consumer Experiences per an internal memo at that time.
Disney recently created Valentine’s Day-inspired non-food ticket offerings and hired an “expert” manager.
Chapek told investors during a November 2021 earnings call that Disney’s Metaverse will enable limitless storytelling when combined with physical and digital worlds.
After being approved in the US for their concept of creating “virtual-world simulator in real world venue”, they received a patent shortly thereafter.