Nobody Is Thinking About NFTs and Estate Planning

We’ve all heard the stories of people who bought a few hundred Bitcoins way back in the early 2010s, forgot about it, and then a decade later couldn’t access the wallet that held their fortune. Every so often, a story like this circulates in the media and it makes you cringe just reading it.

Similarly, many of the early NFT projects (Punks, CryptoKitties, etc) likely have a lot of editions stored in dead wallets – meaning in someone’s wallet who no longer has access to it. And it’s a shame. But to lose the keys to your digital wallet is entirely on you.

Something that is a little more unforeseen is passing away without a plan to pass along your NFTs. As time goes on, there will be people who pass away suddenly with sizable NFT collections and no instructions for passing these valuable assets along.

There’s no easy way to pass along your NFTs to a loved one once you pass away.

I’ve seen many people posing these questions on Twitter and Medium. But it’s a difficult solution to build. In today’s video, I discuss some ways that we may be able to create NFT Estate Planning Services to prevent these problems.

There’s always the option of simply gifting your digital wallet keys and passphrase to your heir. Literally, write the details on a piece of paper, put it in a lockbox, and guide them to your NFTs once you pass away. But this is an archaic solution to advanced technology. Surely there is a smart contract way of doing this.

NFT (and crypto) Estate Planning services could be a billion-dollar opportunity. Everyone who owns even a little bit of digital assets will benefit from an automated service for this.

This concept was featured on Episode 25 of the NFT QT Show – 6 Ideas that Will Influence the Future of NFTs – which you can watch here: https://youtu.be/bBPOJbyDErw?

For more information on the topics discussed in this newsletter, head over to https://NFTQT.com

The NFT Handbook is available now. Grab your copy here: https://amzn.to/3HIJY6O