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Law360 Pulse: Law Firms Test The Waters By Issuing Their Own NFTsMay 10, 2021
O’Melveny issued its own nonfungible token—or NFT—last week, “not to earn cash but to show clients and lawyers how NFTs work and how easy they can be,” this article reported. The law firm was one of two that took their efforts to help clients make sense of the hot cryptocurrency trend a step further by making their own tokens.
O’Melveny raffled off its token to a participant during its May 6 client webinar, “Non-Fungible Tokens (NFTs): When Collecting Meets Crypto, Legal Challenges Abound.”
“The interesting thing about NFTs is they can be issued for almost anything,” Fintech chair Eric Sibbitt told Law360 Pulse. “And what better way to demonstrate that than to actually issue one in connection with the panel.”
“We are working with clients that are doing business with NFTs,” partner Laurel Loomis Rimon added. “It was a way for us to actually experience some of the questions and challenges that they deal with when getting started in this area.”
The publication noted that the step gave those participating in the webinar “a chance to understand how to actually list something as an NFT, how to download it into a digital wallet and possibly sell or pass it onto someone else.”
Law360 subscribers can read the full article here.