Walkers Advises On Legal framework for CreativesDAO

The Guernsey Private Capital & Trust team at Walkers is pleased to have advised the CreativesDAO on the establishment of their own legal framework. This momentous occasion not only empowers all persons involved in creative pursuits but also facilitates the rapid growth of the NEAR ecosystem. The CreativesDAO is the first among all Grassroots DAOs built on the NEAR ecosystem to achieve this feat.

Partner Rupert Morris led the Walkers team, supported by associate Marcél Treurnicht, in creating a Guernsey non-charitable purpose trust to act as a grantmaking structure for the CreativesDAO. The CreativesDAO Trust is intended to serve as a decentralised grantmaking structure and will be used to allocate funds to support creative works, mentorship opportunities, education and training programmes. The funds will also be allocated towards development of products and services built on NEAR that will provide additional support to Creatives and the NEAR ecosystem. Additionally, resources will be allocated to those persons involved in creatives pursuits that align with the goals and values of both the CreativesDAO and the NEAR ecosystem.

This is another excellent example of how Guernsey purpose trusts can be used to bridge the gap between the digital and traditional economies, and Walkers' Guernsey team is the market leaders in their use. The Walkers team worked closely with NEAR Foundation's general counsel Christopher Donovan, head of legal Bianca Guimaraes-Chadwick, the council members of the CreativesDAO (who are also appointed as the original trustees) Sahil Massey, William X, Paul Crans and Karen Sollano as well as Shweta Sangtani who acts as the first enforcer of The CreativesDAO Trust.

Rupert said: "We are delighted to once again partner with the NEAR Foundation to assist the CreativesDAO with establishing their very own Guernsey purpose trust in furtherance of the mission and goals of the Creatives' Community members".