Metaverse/Web 3.0, Blockchain & Smart Contracts

Metaverse/Web 3.0

Web 3.0 and the metaverse are rapidly evolving and gaining momentum, and this evolution brings unique opportunities and challenges for all businesses. Blockchain, crypto-assets, smart contracts, and related enterprise platforms are at the heart of the metaverse and the burgeoning concept of Web 3.0. At Benesch, we are at the forefront of this diverse area. We have an active, leadership role in Blockland—Cleveland’s industry leading blockchain initiative and serve on its Legal Node. Further, Michael Stovsky helped write the law in Ohio which officially recognized smart contracts as “writings” for purposes of recognition under state commercial law.

The metaverse is creating jobs and attracting attention from a wide array of industries including financial services, real estate, entertainment, retail, architecture and more. The law is evolving to meet the challenges of the metaverse.  Navigating the metaverse requires skilled knowledge of blockchain technology, cryptocurrencies and other applications of blockchain including DeFi, NFTs, DAOs, DApps, and the like, artificial intelligence technology, and federal, state, local, and international cybersecurity and data protection laws, rules, and regulations.

Benesch assists clients in understanding the metaverse and Web 3.0, putting into place the agreements necessary to establish a legally compliant presence in the metaverse, and positioning our clients for success in this emerging space. 

With the recent investment in Decentraland by retailers, major financial services institutions and more, it is crucial that forward-facing businesses be aware of the platform and its opportunities. To help serve our clients in these spaces, we decided to become the first AmLaw law firm to establish space as an anchor tenant in LawCity.com's Unitas Tower (located at 37, -58 in Decentraland), the first legal district in the Metaverse.

We assist clients in navigating the legal challenges related to establishing a presence and doing business in the Metaverse including:

• Setting up of legal entities in the metaverse
• Intellectual property services including copyrights, trademarks, patents, etc.
• Content licensing
• Data protection/security
• Technology transactions

Our Metaverse team is counsel to a number of entities that have established presences in the Metaverse or are seeking to do so. 

Blockchain & Smart Contracts

Blockchain, smart contracts and distributed leger technology have transformed the way companies and organizations conduct business across the globe.

As with many disruptive technologies, blockchain presents unique opportunities but may also raise legal, regulatory, and business challenges. Benesch’s Blockchain & Smart Contracts Practice regularly assists clients with policy, regulatory, litigation, enforcement and investigations, data security and privacy, consumer protection, and transactional matters relating to distributed leger technologies.

Benesch’s team consists of experienced and nationally recognized attorneys with a deep understanding of distributed leger technology across multiple industries. Our attorneys routinely speak at industry events and author articles on the topics of blockchain technology, crypto currency, smart contracts, data security and privacy, and more.

Blockchain does not exist in a vacuum. The technology underlying blockchain is part of a broader ecosystem requiring a deep understanding and sophisticated experience across a number of areas of technology law. Unlike other law firms that have cobbled together “blockchain teams” from their traditional legal practices, at Benesch members of our Blockchain and Smart Contracts Practice have national reputations and experience representing companies from start-up to Fortune 100 in complex, high-value, IP and technology transactions and matters involving blockchain platforms, distributed computing and ledgers, smart contracts, digital signatures, and electronic contracting, DApps, and DAOs. Whether you are blockchain experts or just getting started, we are here to help.

In addition, our experience as leaders in Information Technology law allows us to understand the many ways in which blockchain-based technologies and platforms can be transformative and are essential to understanding and effectively representing clients in the blockchain space:

• Systems implementation deals (including multi-site installed and cloud ERP, CRM, VOIP and ECM implementation transactions), eCommerce, development, reseller, professional services, service level, telecomm, network services, equipment purchases, support & maintenance, and managed security services;
• Technology M&A (including IT, financial services, medical devices, health services), joint ventures and technology collaborations, and representation of VCs, PE funds, family offices, and their portfolio companies in capital formations, acquisitions, and divestitures;
• Inbound and outbound IP, IT and technology procurement, licenses, technology transfers, business process outsourcing (SaaS, IaaS and PaaS), acquisitions, divestitures, and outsourcing transactions (including FFIEC audit compliance), and IP portfolio transfers;
• Global data security and privacy compliance including the US, Canada and the EU (EU GDPR and ePrivacy, EU/US privacy shield, HIPAA/HITECH, Gramm Leach Blilely, COPPA, FTC Act and Red Flag rule compliance), PCI-DSS, ISO 27001, ITIL, COBIT, and NIST standards, data classification, breach response and mitigation, and policies/procedures;
• IoT, 3D and 4D printing, and additive manufacturing; and
• Life sciences technology transactions including pharmaceutical, medical devices, and agribusiness development, collaboration, and license deals, and IT and IP deals for major health systems, health product distributors and vendors (including EMR, EHR, RCM, VOIP, and billing implementations.