The Walt Disney Company could be on the verge of expanding into the crypto space after posting a new job for an “experienced corporate attorney” to work on “emerging technologies” such as nonfungible tokens (NFTs) and the Metaverse.
According to the Friday listing on the Disney careers website, the company is hiring for a “Principal Counsel — Corporate Transactions, Emerging Technologies & NFTs” to work on transactions involving NFTs, the Metaverse, blockchain and decentralized finance (DeFi).
Specifically the entertainment conglomerate is seeking someone to provide “full product life cycle legal advice and support for global NFT products” and ensure they comply with all current laws and regulations on United States soil and internationally.
Other duties include “due diligence for NFT, blockchain, third-party marketplace and cloud provider projects,” as well as providing regular legal advice on cryptocurrency-related matters, and digital currency and guiding Disney’s efforts in relation to emerging technologies.
The new role comes as The Walt Disney Company has been slowly positioning itself around the crypto, blockchain and metaverse space.
During the company’s fourth-quarter earnings call in November 2021, CEO Bob Chapek said the firm was preparing to blend physical and digital assets in the Metaverse.
Weeks later the company filed a patent for a “virtual-world simulator,” referring to a potential theme-park metaverse.
According to the patent application, Disney’s possible foray into the Metaverse could involve visitors to their theme parks using mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.
At the time it was reported, there were “no current plans” to use the “virtual-world simulator” patent. However, the recent job listing could be a sign that this may be changing.
Earlier this year, the company focused on augmented reality (AR), NFTs and artificial intelligence (AI) in its 2022 Disney Accelerator Program, which selected six “growth-stage” companies to benefit from its business development platform.
Companies selected for the program this year included layer-2 scaling platform Polygon, along with two other Web3 projects — Flickplay, a Web3 application that allows users to discover NFTs via augmented reality (AR), and Lockerverse, a Web3 storytelling platform that connects creators and brands.
Crypto exchange Coinbase has found itself in legal hot water after being accused by blockchain-based software firm Veritaseum Capital of infringing on a patent relating to its blockchain technology — and is now seeking $350 million in damages.
According to a lawsuit filed on Thursday by United States law firm Brundidge & Stanger in the U.S. District Court in Delaware, Veritaseum alleges that Coinbase infringed on its cryptocurrency payment transfer technology patent, known as the “566 Patent.”
Veritaseum said the patent revolves around “novel devices, systems and methods,” which enable parties to “enforce value transfer agreements” with “little or no trust” in each other, alleging Coinbase used this for many of its blockchain infrastructure services:
“Defendant’s infringing activities include but are not limited to its website [...] Coinbase Android mobile wallet [...] iOS mobile wallet [...] its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet and Coinbase Operated Public Validators.”
The law firm also explained that the patent is applicable with proof-of-stake (PoS) and proof-of-work (PoW) blockchains, which could enable the transfer of cryptocurrency payments, trading and staking services on chains supported by those consensus mechanisms.
Veritaseum justified the $350 million figure by arguing that Coinbase had “gained substantial profits by virtue of its infringement” and that Veritaseum Capital “sustained damages as a direct and proximate result.”
The attorneys also noted that Veritaseum had previously sent a letter to Coinbase in July warning it of its alleged infringement, adding:
“Defendant had prior knowledge, should have known, or at least been willfully blind of the ‘566 Patent. Defendant has been on notice of the ‘566 Patent at least as early as July 3, 2022, if not earlier from other sources or parties.”
In July, Vertiaseum’s “Coinbase: Forensic Analysis & Deep Dive” report suggested that there may be other “centralized and decentralized digital asset exchanges” that employ “unlicensed patented IP” from Veritaseum in addition to Coinbase.
According to the court document, Patent 566 was awarded to Vertiaseum founder Reginald 'Reggie' Middleton and co-inventor Mathew Bogosian by the U.S. Patent and Trademark Office on Dec. 7, 2021. However, Vertiaseum did not mention how long Coinbase had been allegedly using Patent 566 for.
Veritaseum Capital also requested a trial by jury in the Delaware-based court as its preferred means to resolve the dispute.
Cointelegraph reached out to Coinbase for comment but did not get an immediate response by the time of publication.
Coming up with a good name is often one of the most challenging decisions one needs to make when launching a new service or business. Historical data of domain name purchases suggest that Satoshi Nakamoto, the creator of Bitcoin (BTC), had an alternate naming option in mind that did not make it to the white paper.
Bitcoin.org, the website domain linked to the original Bitcoin, was created on Aug. 18, 2008, under AnonymousSpeech, a service in Japan that allowed users to buy domain names anonymously. Domain purchases under AnonymousSpeech around similar timelines revealed the creation of Netcoin.org on Aug. 17, 2008 — just a day prior to the creation of Bitcoin.org.
After further research, crypto locksmith Or Weinberger confirmed that no content was ever present on the Netcoin.org domain “except only after it was repurchased by another person later on.”
The decision to stick with Bitcoin may have been crucial to its success due to the fact that numerous members of the crypto community highlighted their dislike for the name Netcoin, as one stated:
“That’s interesting. I’m glad they stuck with Bitcoin, sounds way better.”
The finding further helps Bitcoin distance itself from the people that have previously claimed to be Satoshi Nakamoto. The Netcoin.org domain was later deleted and re-registered to a subsidiary of Web.com in 2010.
Despite the mysteries behind the creation of Bitcoin, the asset continues to dominate the financial markets. BitPay confirms this notion as its data showed Bitcoin to be a major payment tool despite huge price volatility.
Speaking to Cointelegraph, BitPay’s vice president of marketing, Merrick Theobald, stated that the sales volumes of Bitcoin-based payments on BitPay accounted for as much as 52% in the first quarter of 2022.
This Daily Dose was brought to you by Cointelegraph.