In the face of the bear market, the NFT sector is showing no sign of stopping; venerable auction house Christie’s has launched its own Ethereum NFT marketplace, while a recent Disney job posting points to the House of Mouse exploring the NFT space further. Meanwhile, one NFT holder recently borrowed over a million dollars using Mutant Ape Yacht Club NFTs as collateral.
Disney is diving deeper into NFTs and the metaverse.
The entertainment conglomerate is looking to hire a principal attorney specializing in NFTs, the metaverse, blockchain technologies, and decentralized finance, to guide the company through what appears to be its coming—and aggressive—push into Web3. A Friday job posting for the position explains that the attorney will principally provide “legal advice and support for global NFT products” made in collaboration with Disney Media and Entertainment, as well as Disney Parks, Experience, and Products.
Additionally, the principal counsel will “provide legal advice to Disney legal and business teams on NFT and cryptocurrency related matters and issues,” and “provide thought leadership and strategic direction on potential products involving digital currency and blockchain technology integration.”
Such details indicate that the multinational entertainment company is serious on its commitment to a strong Web3 presence, months after company CEO Bob Chapek described the metaverse as “the next great storytelling frontier.”
After experimenting with NFTs in 2021, Disney in February tapped tech executive Mike White as Senior Vice President of Next Generation Storytelling and Consumer Experiences, a division that will purportedly lead Disney’s efforts in the metaverse.
Since then, the company has onboarded a number of NFT specialists, and even tapped multiple crypto companies for its accelerator program, but specific plans about Disney’s Web3 intentions have remained unclear for now.
Friday’s principal counsel posting reveals the company may be looking to experiment not only with NFTs and metaverse ecosystems, but also with digital currency and decentralized finance mechanisms. The job description indicates these innovations are likely to be developed and rolled out “on an accelerated and aggressive timeline.”
The hiring announcement also signals Disney’s sensitivity to the escalating legal and regulatory pressures currently confronting crypto and the NFT space. Disney’s NFT legal czar will specifically focus, per the job posting, on evaluating “financial securities law issues” related to “the promotion and sale of NFTs.”