The Stand With Crypto Alliance , a nonprofit backed by Coinbase, is leading the effort to establish the Creator Defense Fund Initiative, which has raised $6 million from venture capital firm Andreessen Horowitz (a16z) and Non-Fungible Token platform OpenSea.
According to a September 13 press release, a16z contributed $1 million to the fund, while OpenSea pledged the remaining $5 million.
The coalition says regulatory pressure — like the SEC's recent Wells Notice against OpenSea — is a signal that blockchain-based innovators will continue to face significant legal threats, and the fund aims to help those in need.
Creators Defense Fund
The fund aims to provide legal support to artists and creators facing government action or navigating regulatory uncertainty, particularly in the cryptocurrency space.
Miles Jennings, legal counsel at a16z, emphasized that the fund is designed to support creators using blockchain to connect with fans, monetize their work, and foster creativity. He explained that the initiative includes partnerships with leading law firms to provide legal advice to creators.
According to Jennings, Non-Fungible Token are innovative blockchain tools that create digital ownership of digital and physical assets. These assets prove ownership of everything from digital art to concert tickets.
He added :
“Blockchain technology will bring artists and audiences closer together, while helping artists better monetize their work, ultimately bringing more creativity to the world. Fear of potential legal consequences should not deter well-intentioned artists from exploring new technologies that can better serve their fans and families.”
OpenSea CEO Devin Finzer announced the release of a free open-version Non-Fungible Token called “Rising Tides Lift All Boats” on Base to commemorate the fund’s launch and symbolize the industry’s resilience.
Notably, members of the crypto community have welcomed the move, with Stack's Bradley Freeman stating :
“Creators are the lifeblood of Non-Fungible Token and the rarest resource in a world of evolving infrastructure and tools. If you are a creator at the forefront of technology, you are valuable and will be rewarded in the years and decades to come for being ahead of the curve.”
