Stephenson Law Firm Based in Bristol to Sell Advice Using Crypto Tokens

Sahaj  |  Oct 27, 2021

Stephenson Law, a law firm based in Bristol will be auctioning two and a half hours of chargeable time next month in the form of three distinct crypto tokens. This has marked the first firm to sell advice utilizing crypto tokens.

Stephenson Law Firm to Auction Next Month in the Form of Three Distinct Crypto Tokens

The Associate Director and Head of Blockchain at Stephenson Law, Will Foulkes, said that the sale of NFTs was the first by a law company in the United Kingdom and if in case it went well, the idea could be rolled out more widely. 

Foulkes said that the major intention of the auction was to show that the law company was engaging with the blockchain and not just sitting there and understanding the technology clients were using. 

He revealed that the major use of NFTs was discovered following their advancement to create distinct representations of digital art. In addition to this, it should be noted that the NFTs are being used to trade collectible items such as sports cards, tickets to special events, or as a token advertisers could purchase to get airtime on a popular website.

Mr. Foulkes Statement Regarding the Sale Platform

Mr. Foulkes said that the platform sale will be conducted on OpenSea, the platform which already had 95% of the NFT market and was similar in some ways to eBay. He stated:

“This is a new way for law firms and others to generate revenue. It allows you to get money upfront. We see this as working in a similar way to other payment methods. Hopefully, people will go for it. We’ll have to see. I have no idea – ask me in two weeks.”

Well, he clearly did not think that there was anything ethically wrong with allowing high bids for the NFTs of the company.

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