• Bristol-based law firm Stephenson will use crypto tokens to sell advice

  • Bristol-based law firm Stephenson Law will auction two and a half hours of billable time in the form of three different crypto tokens next month. This marks the first firm to use crypto tokens to sell advice.

    Stephenson Law is running an auction next month in the form of three different crypto tokens

    Will Foulkes, associate director and head of blockchain at Stephenson Solicitors, said the sale of NFTs was a first for the UK law firm and that the idea could be rolled out more widely if, in the unlikely event, it goes well.

    Foulkes said the main intention of the auction is to show that law firms are engaging with blockchain, rather than just sitting there and learning about the technology their clients are using.

    He revealed that the main use of NFTs was found after its advancement to create unique representations of digital art. Aside from that, it should be noted that NFTs are being used to trade collectible items like sports cards, tickets to special events, or as tokens that advertisers can buy to get airtime on popular websites.

    Mr. Foulkes’ statement on the sales platform

    Mr Foulkes said that platform sales would take place on OpenSea, which already has 95% of the NFT marketplace and is similar in some respects to eBay. He stated.

    “This is a new way for law firms and other organisations to generate income. It allows you to get funding up front. We think it works in a similar way to other payment methods. Hopefully, people will go for it. We will have to look at that. I don’t know – ask me in two weeks.” Well, he clearly doesn’t see any ethical problem with allowing companies to overbid for their NFTs.

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