By Matt Reynolds
December 12, 2022, 11:11 am CST
A branding image for the CryptoMories nonfungible tokens. Image courtesy of Grungo Colarulo.
New Jersey-based personal injury law firm Grungo Colarulo says it will offer mental health services to its staff through nonfungible tokens, or NFTs.
According to a Dec. 7 news release, mental health provider Impact Suite will provide the services to the law firm’s staff through wellness apps and teletherapy. The services that the law firm is offering staff are part of an end-of-year bonus package and through a partnership between CryptoMories and Impact Suite.
According to the news release, staff have “unlimited” access to the services, and even if a staff member leaves the firm, they will still be able to use them, as long as Impact Suite and CryptoMories continue the partnership.
According to Lance Wyllie, the law firm’s marketing director, staff will verify their NFTs on the CryptoMories Discord channel and then use a code to access the Impact Suite benefits.
Bob Koyagi, the mental wellness outreach lead at CryptoMories, said in prepared remarks the services include “free unlimited teletherapy from licensed therapists.”
In an interview with the ABA Journal, Richard Grungo Jr., the firm’s co-founder and name partner, says the NFT bonus was an “add-on” to traditional health care benefits, bonuses and the “robust compensation” that the firm already provides to its seven lawyers and 30 members of staff.
“This is an opportunity for us to bring attention to mental illness and the issues in the legal industry,” Grungo says. “At the very least, they’re getting educated on NFTs because everybody’s going to have a digital wallet. It’s only a matter of time.”
NFTs are often associated with digital collector items, including artwork, photos and music, that have unique identifiers and are stored on the blockchain. The assets are also known for their volatility.
But Grungo says even if the value of the NFTs drop, his staff will still have access to the mental health benefits, as long as the partnership between Impact Suite and CryptoMories remains in effect.
According to the news release, the law firm is going to train staff and lawyers how to “set up and secure digital wallets,” so they know how to access the services.
Grungo says staff can sell the NFTs if they appreciate or transfer the underlying benefits to someone else.
“They understand that if they have somebody in their lives that needs the benefit more, they can gift or transfer this NFT to their family member,” Grungo says.
See also:
ABAJournal.com: “How lawyers can unlock the potential of the metaverse”
ABAJournal.com: “Why this personal injury firm set up shop in the metaverse”
ABAJournal.com: “Nonfungible tokens are all the rage now. What are they, and what should buyers watch for?”
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