One of the largest law firms in the United Kingdom is auctioning off time with its attorneys in the form of non-fungible tokens, in what is thought to be a first for the legal industry (NFTs).
To embrace the odd and wonderful realm of “crypto art,” Stephenson Law, located in Bristol, has designed three separate NFT coins that may be exchanged for legal services.
It is possible to possess an NFT by using blockchain technology to validate ownership. An NFT can be anything from art to photographs to legal pointers, and it can be used to prove ownership in the case of legal pointers. You may find out more about NFTs by reading the Legal Cheek Journal.
This will allow buyers to exchange their NFT for one hour of legal advice on financial services regulation, blockchain technology, and NFTs, as well as the strategy, compliance, governance, and documentation required by such a newfangled technology. The firm claims that the starting prices will range from £250 to £300 in cryptocurrency.
Furthermore, one of the NFTs will allow the buyer with “one-on-one access” to Alice Stephenson, the firm’s founder, through one of the NFTs. DAC Beachcroft and Bevan Brittan were among the law firms where Stephenson practised before starting his own firm in 2017.
The NFTs will be auctioned off on OpenSea, a marketplace that specialises in “unique digital artefacts and crypto collectibles,” in two weeks.
However, despite the fact that NFTs have been there since 2015, the massive increase in popularity of cryptocurrencies has only helped them gain traction in the last year or two. Recent high-profile NFT purchases have ensued, with one such example being Beeple’s collage “Everydays — The First 5,000 Days,” which sold earlier this year at Christie’s for an auction-record £50 million, beating the previous mark of £37.5 million.