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UK law firm becomes first to sell legal advice as NFT

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Crypto art 🤝 billable hours

A UK law firm is auctioning off time with its lawyers in the form of non-fungible tokens (NFTs) in what is understood to be a first for the legal industry.

Bristol outfit Stephenson Law is embracing the weird and wonderful world of ‘crypto art’ with the creation of three unique NFT tokens that can be exchanged for legal advice.

An NFT is essentially a unique piece of data — be it art, a photo, or in this case a token for legal pointers — which relies on blockchain technology to establish verified ownership. You can read more about NFTs over on the Legal Cheek Journal.

The firm says the starting prices will be the cryptocurrency equivalent of between £250 and £300, “and will afford the buyer the right to redeem their NFT for one hour of legal advice on the subjects of financial services regulation, blockchain, and NFTs, along with the strategy, compliance, governance, and documentation necessary of such a new-fangled technology”.

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Additionally, one of the NFTs will provide the buyer with “one-on-one access” with the firm’s founder, Alice Stephenson. The tech-savvy solicitor had spells with both Bevan Brittan and DAC Beachcroft before launching Stephenson Law in 2017.

The NFTs will be auctioned off on OpenSea, a marketplace for “rare digital items and crypto collectibles”, in two weeks’ time.

NFTs have been technically doing the rounds since 2015 but have only gained traction in the past year or so thanks to the rapid rise in popularity of cryptocurrencies. Recently this has led to a series of high-profile NFT acquisitions, with one such example, ‘Everydays — The First 5,000 Days’, a collage by Beeple, fetching a record-breaking £50 million at auction house Christie’s earlier this year.

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14 Comments

Roland

This has gone too far.

(11)(4)

Anon

Forgive me, but as someone who doesn’t know much about NFTs can someone explain the purpose of doing this, or is it just a gimmick?

(17)(4)

Anon

It’s a marketing gimmick to show how super edgy cool they are. Flip flops mandatory at all face to face meetings

(14)(2)

Al

I do a bit of art related law; that includes work for the more digitally based people. I’m thinking of setting up an online chambers in a particular DAO. So I will accept fees in Ethereum or Tezos.

(6)(3)

Anonymous

Good to see the firm embracing new technology. Many of the commentators here would no doubt have criticised them in 1994 if they had been one of the first to launch a website. NFTs have huge potential and will be ubiquitous within a couple of years.

(7)(7)

Hackaforte

I accept fees in Tazos, but prefer Pogs as they tend to retain their value.

(6)(1)

Yawn

No-name highstreet firm announces pointless gimmick to get attention it would otherwise never receive.

(41)(18)

Anonymous

Um, have you seen their awards and LinkedIn presence of their founder? I don’t think they ‘desperately need’ any attention, they’ve got plenty!

(14)(17)

aaaaaaa

nice advert

(5)(1)

LI Lurker

Looks like someone’s ego has been wounded, based on their reaction to this comments section.

(23)(8)

Chill out everyone

Love seeing the comments from the stuffy old-timers under this article 😂Progress and innovation isn’t scary guys… come on…

(12)(11)

Anon

Im young and heavily into crypto. Doesn’t detract from this being a PR gimmick

(14)(3)

Anonymous

NFTs cannot be ignored and hold a very promising future. This is a smart move. Better advice comes from experience… walk the walk, as they say! Good luck SL 🙏🏼

(2)(6)

Anonymous

Awkward moment when someone buys the NFT for £5 million in a money laundering scheme…..

Guess they’ll be needing the legal advice then!

(1)(1)

Comments are closed.

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