HashKey Group, a digital asset financial services group in Asia, has partnered with Deacons, Hong Kong’s longest-established and largest independent law firm, to provide institutional-grade minting, distribution and custody support for its 170th anniversary commemorative non-fungible tokens (NFTs).
Deacons announced last year that it would create a series of NFTs to celebrate its rich heritage. The law firm’s first NFT is a collage of 85 photos that represent its staff’s most memorable moments from 2021. Deacons turned to HashKey Group for the issuance, distribution and custody of its commemorative NFT, which will be given out to its Partners, employees, clients and other stakeholders.
To bring the NFT to life, HashKey Group worked with FinTech-focused strategy consulting firm BCW Group to structure and write the smart contract (a digital contract written as a piece of code to facilitate a sale agreement between the NFT owner and the buyer) that BCW Group used to mint a total of 1,700 NFTs on the Polygon network, a layer-2 blockchain scalability platform that operates on top of the Ethereum network.
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All 1,700 NFTs are stored and distributed on HashKey Me, a crypto wallet app developed by HashKey Group. Recipients of the commemorative NFT, who currently do not have digital wallets, are required to download the app and create an account in order to receive and transfer the NFT.
Michel Lee, Executive President of HashKey Group, said, “It is a privilege to partner with one of Hong Kong’s most prestigious and distinguished firms to mint and distribute their first-ever NFT. Over the past months, we have seen an increasing number of firms from different industries beginning to recognise the utility and unique value proposition of NFTs. As more companies are looking for ways to participate in digital assets, HashKey is more committed than ever to provide these institutions and other blockchain projects in Asia the best technology and platform needed to accelerate their business growth and unlock their digital transformation initiatives.”
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Sabrina Fung and Machiuanna Chu, FinTech Sector Partners at Deacons, said, “Tokenisation is disrupting industries across the board, be it art, technology or finance and our cross-sector teams of legal professionals support clients’ diverse needs and requirements such as NFTs and investment in metaverse which encompass a multidisciplinary approach. We are excited to partner with HashKey Group to launch the commemorative Deacons 170th Anniversary NFT and mark our historical achievement using this revolutionary technology.”
HashKey Group, which recently secured approval-in-principle from the Hong Kong SFC to operate a virtual asset trading platform, has a strong track record in providing end-to-end digital asset services to corporates seeking to get involved in this high-potential asset class. In August 2021, the Group provided an institutional-grade crypto wallet for Hong Kong auction house Macey & Sons to accept Bitcoin as payment for its NFT art transactions and sales.
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