Close-up view of the Disney store's sign in Venice

Disney seeks Web 3 legal counsel as it advances into decentralized ledger technologies

Global media company Disney has announced that it is seeking an experienced lawyer to serve as its Principal Counsel on matters relating to transactions in the Web 3 space. While within the company’s legal department, the role will overlap with the Corporate Transactions Group as Disney looks to explore new frontiers.

Applicants for the role are expected to be knowledgeable in “emerging technologies” like non-fungible tokens (NFTs)distributed ledgers, the metaverse, and decentralized finance (DeFi). The job listing notes that the role is a hybrid one as potential hires will split their time between Disney’s office and a remote location.

The potential hire for Disney’s role will juggle several responsibilities, including “providing full product life cycle legal advice and support for global NFT products.” Additionally, the attorney is also expected to carry out due diligence and draft complex agreements between Disney and firms in the digital assets ecosystem.

The job listing notes that the Principal Counsel will “provide thought leadership and strategic direction on products involving digital currency and blockchain technology while providing advice on related legal and regulatory issues.”

Disney notes five to eight years of experience handling corporate transactions and expertise at an international law firm are some of the basic requirements for the role. Being a member of the California State Bar and meeting the requirements to be an in-house counsel will be an added advantage.

Disney’s sojourn with distributed ledger technologies

Disney has dabbled in digital assets in the past with a focus on NFTs and augmented reality (AR) through its Disney Accelerator Program. The program chose six companies in their growth phases, including layer 2 scaling solution Polygon, to take part in Disney’s business development platform.

At 2021’s Q4 earnings call, chief executive officer Bob Chapek confirmed that the entertainment conglomerate was preparing for an ambitious debut in the metaverse that will utilize “a blend of physical and digital assets.”

Less than one month later, Disney filed for a patent for a metaverse theme park with the United States Patent and Trademark Office that will allow visitors to use their mobile phones to project 3D effects on locations.

“We’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney Metaverse,” Chapek said.

Other firms like MGM, Samsung, and Sony have staked their claims on exploring the Web 3 technology, with Wall Street giants setting up dedicated teams to consider the viability of investments in the space.

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