What It Takes to Successfully Service the Booming NFT Market
May 10, 2022, The American Lawyer
Adrian Perry was quoted in The American Lawyer about how the demand for lawyers who understand non-fungible tokens (NFTs) has grown exponentially in the past year, especially lawyers who have an understanding not just of NFT transactions, but also data security, intellectual property, public policy, and a range of regulatory and compliance issues.
Adrian agreed that the regulatory and compliance component is crucial to servicing the NFT community. According to Adrian, Covington is “making inroads” into the NFT space for two main reasons: “A strong tech transactions group with lawyers in New York, California and around the world, combined with the ‘compelling’ regulatory offering that comes with Covington’s D.C. roots.”
As Adrian stated, “We’ve got all the regulatory pieces covered, and we can bring it all together.” Adrian said that “while a lot of Covington’s NFT work is transactions-based, the practice is also kept busy providing counseling like due diligence, risk management, and guidance on NFT launches.”
“We’ve also done soup-to-nuts advice for folks launching their first NFT initiative, and helped with IP licenses and royalties,” according to Adrian.
The article stated that the firm recently set up an NFT working group that presently comprises around 20 lawyers from across the firm, including IP lawyers, litigators, and securities attorneys.
“There’s a lot of different buckets and areas to cross off to successfully advise someone on these NFT launches and metaverse projects. So, you end up with a pretty wide range of people who need to understand the space,” said Adrian.
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