NFTs for Retailers: A world of promise and peril

Alan Cohn
Alan Cohn
Steptoe & Johnson LLP

Alan Cohn counsels clients on a range of blockchain- and cryptocurrency-related issues, from regulatory best practices for cryptocurrency companies to legal issues associated with novel uses of blockchain technology.

Evan Abrams
Evan Abrams
Steptoe & Johnson LLP

Evan Abrams counsels financial institutions, multinational corporations, and individuals on a variety of international regulatory and compliance matters.

On-Demand: March 11, 2022

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Program Summary

While NFTs can help fashion, retail, and luxury brands drive customer engagement and loyalty, several complex legal regimes can apply to the creation, sale, and exchange of NFTs. Brands should carefully consider the applicability of these regimes, many of which have unclear applications to NFTs, before jumping into an NFT project. In this CLE, we provide an overview of several of the legal regimes that can present challenges for NFT issuers, including retailers.

This course is co-sponsored with myLawCLE.

Key topics to be discussed:

  • What exactly is an NFT?
  • NFT retail use cases and common methods of issuing NFTs
  • Federal and state regulation of NFTs, including by the SEC, FinCEN, OFAC, and various state authorities
  • The future of NFTs: to the metaverse and beyond

Date / Time: March 11, 2022

  • 1:00 pm – 2:00 pm Eastern
  • 12:00 pm – 1:00 pm Central
  • 11:00 am – 12:00 pm Mountain
  • 10:00 am – 11:00 am Pacific

Choose a format:

Live Video Broadcast/Re-Broadcast: Watch Program "live" in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for "live" CLE credit.

On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 5 business days after the original recording date and are viewable for up to one year.

Closed-captioning available

Speakers

Alan Cohn_Steptoe & Johnson LLP_myLawCLEAlan Cohn | Steptoe & Johnson LLP

Alan Cohn counsels clients on a range of blockchain- and cryptocurrency-related issues, from regulatory best practices for cryptocurrency companies to legal issues associated with novel uses of blockchain technology. In addition to co-leading Steptoe’s Blockchain & Cryptocurrency practice, Alan also co-leads the firm’s National and Homeland Security practice and has experience across homeland security issues at the federal and local level.

Alan represents a variety of different types of entities focusing on blockchain and cryptocurrency, from cryptocurrency trading platforms to investment funds to startups developing new blockchain protocols, as well as corporations interested in exploring potential applications of blockchain technology. Alan helped found Steptoe’s Blockchain and Cryptocurrency practice and serves as its co-chair. Alan also serves as counsel to the Blockchain Alliance, a public-private forum established by a broad coalition of companies and organizations to help combat criminal activity on the blockchain and advises companies and investors concerning a range of issues associated with the adoption and use of blockchain and distributed ledger technology.

Alan is ranked among the top US lawyers in Blockchain and Cryptocurrencies by Chambers USA (2019-2022), where he is noted for his “tremendous depth of expertise in regulatory issues facing blockchain platforms and cryptocurrencies.” He is also recognized as an MVP in FinTech by Law360 (2019), a trailblazer in both Cryptocurrency, Blockchain & FinTech (2018) and Cybersecurity (2017) by National Law Journal and as a Next Generation Lawyer in Cyber Law by The Legal 500 (2017-2019). Alan brings a unique perspective, focusing on the intersection of cryptocurrency and blockchain technology with cybersecurity and cybercrime, and advising clients on national security and emerging technology issues.

 

Evan Abrams_Steptoe & Johnson LLP_myLawCLEEvan Abrams | Steptoe & Johnson LLP

Evan Abrams counsels financial institutions, multinational corporations, and individuals on a variety of international regulatory and compliance matters. He regularly advises clients on issues related to anti-money laundering (AML), economic sanctions, export controls, foreign anti-corruption, the Committee on Foreign Investment in the United States (CFIUS), and the Defense Counterintelligence and Security Agency (DCSA). Among other sectors, his practice focuses on emerging technology, including financial technology (FinTech) where he leverages his deep understanding of business trends and technological developments to help clients achieve their commercial objectives while complying with complex regulatory regimes.

Evan represents some of the world’s largest and most innovative FinTech companies, including entities focused on payments, blockchain and cryptocurrency, prediction markets, and lending, among others. He also works with traditional financial institutions such as banks, venture capital firms, and trust companies, including advising them on developing or interacting with new financial technology. In addition to his work with large, well-established FinTech companies, Evan has deep experience working with early-stage startups to help them bring novel financial technology to market.

Evan’s blockchain and cryptocurrency practice involves representing exchanges, token and stablecoin issuers, digital asset custodians, wallet developers, and other developers of digital assets and blockchain-based protocols. In a sector where the legal landscape is rapidly changing, Evan helps clients understand both the current state of play and ongoing trends, so companies can be positioned for success now and in the future.

Evan has been included in Best Lawyers in America: Ones to Watch in both 2020 and 2021.

Agenda

I. Basic background on what NFTs are and how they work | 1:00pm – 1:15pm
II. Brief exploration of how retailers have been using NFTs to promote their brands, drive customer loyalty, and increase revenue | 1:15pm – 1:30pm
III. Explore various federal and state regulatory regimes that can be implicated for NFT projects and discuss the importance of careful legal analysis prior to launching an NFT project | 1:30pm – 1:45pm
IV. Discuss where NFTs are headed, including NFTs in the metaverse, and highlight some legal issues that may arise in that context | 1:45pm – 2:00pm