Recently, Non-Fungible Tokens (“NFTs”), have become a topic of increasing popularity. Non-fungible tokens are one-of-a-kind digital assets that exist within crypto blockchains like Ethereum or Binance Smart Chain. They are purchased on NFT marketplaces like OpenSea, Rarible, and Nifty Gateway, to name a few. Each NFT has a set of specific identification codes and metadata that makes it unique. NFTs can code for almost any virtual asset, including art, songs, or video clips. Blockchains can even be used to attach cryptographically secure NFTs to tangible products. NFTs do not give the owner exclusive rights to use or reproduce the asset, but they do certify ownership of the asset, and this certification can be sold or transferred.
Blockchain technology makes it almost impossible to forge records, ensuring that the purchaser of an NFT holds a token representing sole ownership of the original work that he or she has purchased. Because each NFT is unique, they cannot be traded for equal value like cryptocurrency or traditional forms of currency are traded. NFTs are more similar to original authentic collectibles, but they exist within the world of crypto. Due to both a recent increased demand for NFTs and their distinctive properties, more and more individuals are seeking information about estate plans that protect and provide for their NFTs.
Creating an estate and asset protection plan that incorporates your NFTs is a complicated and intricate process. Consulting an experienced attorney with a deep understanding of digital assets and asset protection is crucial to ensure that your property is safeguarded and adequately protected. Mile High Estate Planning is comprised of attorneys who have experience in cryptocurrencies, digital wallets and exchanges, digital investment landscapes, and of course, estate planning and asset protection. Mile High Estate Planning would be happy to assist you in planning for all of your digital assets and your physical assets.
If you would like to learn more about estate planning or asset protection for NFTs, contact us today by email at Info@MileHighEstatePlanning.com or by phone at 833-Ask-Blake. Our skilled attorneys will begin with a free initial consultation, and if you later decide to hire us, we would be happy to take payment in several different forms of cryptocurrency.