Techlawyered Monthly #3 : The Hype of the Unknown – NFTs, Space Law, Copyright License & UpCounsel

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July 31, 2021

Hello!

I came across this tweet and it caught my attention with respect to the trend of Non-fungible Tokens or what you also know as NFTs. Is it another quick cash scheme or something stronger?

Okay, let’s start from the beginning. An NFT is a digital asset that represents real-world objects like art, music, or videos. The assets are bought and sold online mostly with cryptocurrency. It is unique and easily verifiable so fake collectables cannot be created or sold because each item can be traced back to the original issuer, and your sale can make you rich

If you are a frequent user of social media, especially Twitter (before the ban), you may have come across the memes of Osita Iheme, popularly known as Pawpaw and maybe used them as a means of expression. Anyways, the gist is PawPaw has decided to sell his works (memes) on the internet as NFTs. Memes for sale, money for bag 🙂

Back to my tweet, asides from the craze of NFT, let’s bring it home to legal technology. It occurred to me how my question in the tweet also applied to the attitude of law firms to legal technology.  Is there no craze or no interest in legal tech, because they don’t understand it or they just don’t care. Is it Ignorance or Indifference or a mix of both?

What do you think?

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In today’s newsletter, we will be looking at some interesting news in the month :

  1. Q and A with Faith Obafemi on Getting started in Space law and Technology
  2. A legaltech idea that could be looked into (problem & solution)
  3. Some exciting stories we read about
  4. The launch of our Youtube channel

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Q & A with Faith Obafemi on Space Law & Blockchain

We had an interesting conversation with Faith Obafemi, the Blockchain lawyer who is also a Tech Policy Associate at the Tony BlairInstitute for Global Change.

Q: You have always been the go-to person for anything on Blockchain law, so what sparked your interest in Space Law

A: I’m still into Blockchain. I haven’t abandoned it. My main interest is actually emerging technologies and since there is more than one emerging technology, I decided to gain competence one at a time. Now that I have a foothold in Blockchain, my next area of interest is Space technologies and I got interested in it because of its futuristic potential. I’m the kind of person that likes to ensure my career stays future proof because history has shown us that humans are naturally curious and love exploring. Even now that we have finished exploring the earth, the next logical place would be the galaxy. I want to be at the frontier when things are happening, that’s the kind of person I am. When breaking into a new space, I like to link the new knowledge to an area that I am already familiar with, that way I don’t start from scratch. In this context of knowledge, I get to link my knowledge of Blockchain with Space Technology. read more on our conversation…

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Legaltech Idea

Problem: I saw another tweet that caught my interest. It is hard for legal beneficiaries to claim the funds of deceased parents/children in Nigerian banks. How do we make this process simpler and easier?

Solution: This is where I actually ask you what you think? Do you know anybody solving this? I would like to talk to them.

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Stories we found interesting: 

  1. Meet Q-Soft Denovo Court Recording System, the product that converts speech to text with 90% accuracy built from a collaboration between the Federal Ministry of Justice and the firm of  Funmilayo Quadri & Co
  2. LegalTech Unicorn, Clio acquires CalendarRules, a product that automates calendaring of court deadlines.
  3. TechRound’s Top 25 LegalTech Companies.
  4. The Customer is King in Venture Capital: Truth or Myth
  5. Startup Failure: This GovTech Startup failed because it had no market need and the founder shared some lessons.
  6. A guide for founders on the commercial terms in Negotiating and Documenting Copyright licenses by Tech Hive Advisory
  7. UpCounsel launched its Crowdfunding Campaign to bring legal to the people; an online marketplace that connects business with a network of experienced lawyers for 1/3rd the price. 

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We launched our Youtube Channel

This has been a long time coming and finally, we are here. We now have a Youtube channel (actually, we have always had it, we just did not have any video up, but now we do and we will be having videos up on the channel every week). 

Is there anything you would like us to talk about or questions you want us to answer, share with us by sending a mail to the.tech.lawyered@gmail.com

And yes, you can subscribe here 🙂

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Thank you for reading!

Till I come your way again, stay safe.

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