Passing Along NFTs When You Pass Away
I can only imagine what it must feel like to be one of the people who bought hundreds of Bitcoin a decade ago, only to forget about it and then not be able to gain access to their fortune. Every so often, a story like this circulates in the media. And you can’t help but cringe at the thought of having millions so close but can’t quite reach.
I predict that something similar will happen with NFTs. Well, I mean it’s already happened with some early minters of CryptoPunks – like this wallet that holds 141 Punks but is likely inaccessible by its owner.
Aside from forgetting your wallet credentials, I fear that a lot of NFT value will be lost when people pass away without a plan for passing along their NFTs.
Not to sound crass, but honestly, if you died right this minute would your spouse, your parents, your friends, or your kids be able to access your NFTs? Or would those NFTs be trapped in a wallet forever that nobody can access?
For me, the answer is unfortunately that my NFTs would be buried in a dead wallet. So what are the modern solutions to this modern problem?
In today’s video, we discuss various ideas around the topic of Estate Planning and NFTs.
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 web3 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.
We talk about this concept in greater detail in 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
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