Williams Quoted on Rising Demand for Legal Services for the Metaverse, NFTs
Since ArentFox Schiff became the first major US law firm to purchase land in the Metaverse, AFS has worked with clients in a variety of industries, including accounting, luxury fashion, professional sports brands, global food brands, and cable television networks, on the development, minting, and custody of as well as buying and selling NFTs.
“As many issues as there are for assets in the physical world, also exist for assets in the virtual world, including the Metaverse and NFTs,” said James, adding that contracting, contract disputes, copyright infringement, and emerging issues such as cybersecurity are some of the top client issues.
James also discussed why understanding NFTs is critical for attorneys.
“NFTs are widely seen as the future of commercialization in the Metaverse,” he said, explaining that when you buy land in the Metaverse, you’re actually buying an NFT that represents your parcel. “And as creators come into the world and start to develop different use cases, you will see different NFTs deployed within the Metaverse environment to represent different services and goods.”
James cited musical artist Snoop Dogg’s Metaverse party last year, for which he issued VIP invites in the form of an NFT, as a recent example.
James anticipates that a wide range of digital assets — from automobiles to fashion items — will likely be represented by NFTs. He said, “For instance, if Gucci wanted to develop a handbag that’s wearable by an avatar in a Metaverse, it will likely at some point be purchasable as an NFT.”
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