The Hong Kong law firm Deacons has launched its debut Non-Fungible Token (NFT) to mark its 170th anniversary—the first Asian law firm to launch its own NFT.
The firm has partnered with its client, HashKey Group, a Hong Kong-based digital asset financial services group, for the institutional-grade minting, distribution and custody support of its NFT.
The digital asset is also supported by both Hong Kong fintech consulting firm BCW Group and HashKey Group’s digital wallet, HashKey Me.
Registration for Deacons’ limited edition NFT, which is a mosaic comprising 85 individual images contributed by the firm’s staff, is complimentary and available on the Deacons’ website.
“The pictures capture the photographers’ favourite Hong Kong moments of 2021 and are a celebration of the human spirit and of Hong Kong,” Deacons said in its statement. The NFT pays homage to the firm’s 650-strong staff who have contributed to its success over the years, the firm added.
A total of 1,700 NFTs are being issued. Registration started on May 17 and closes on the last day of May.
According to Taylor Hui and Sabrina Fung, partners and co-heads of Deacons’ business development committee, the images within the mosaic “showcase the diversity of our people and what happiness means to each of us.”
“These images also highlight various aspects of Hong Kong, which is more than just the business district and high-rise buildings,” they added.
Deacons did not provide the number of registrations within the first 24 hours of its NFT launch but said that the firm is “happy with the number of registrations received at launch yesterday and will continue promoting our NFT over the next two weeks.”
While Deacons is the first Asian law firm to launch its own NFT, it is not the first law firm to do so. The British firm Stephenson Law has also launched NFTs but it took a different business development strategy and approach. Last year, the firm issued three separate NFTs which served as crypto-art tokens that represent legal advice. Each NFT was priced at the cryptocurrency equivalent of around $350, and gives the buyer the right to redeem their NFT for an hour of legal advice on subjects related to digital assets and fintech.