From around 2022, NFT art and NFT games will start to become a hot topic, and many people who are still underage are interested in NFTs. But can NFTs be started at any age? And from what age can you enter?
At what age can you start NFT?
You need virtual currency to do NFT. If you need virtual currency, you will need to register with a virtual currency exchange. Almost all virtual currency exchanges have a registration limit of 18 years or older. Minors cannot open an account to purchase virtual currency. Therefore, even if minors can have NFT, it is said that it is difficult.
NFT can be handled even by minors
Possession of an NFT does not constitute a crime, so there is no problem if a minor possesses it. If you install a wallet such as Metamask, even minors will be able to handle it without problems. However, if the wallet is a minor, there are many cases where the consent of a guardian such as a parent is required, so the point is whether or not the consent of the parent can be obtained.
terms of service
There are various virtual currency exchanges in the world now, but let’s check the terms of use. You should read the terms and conditions and check the age section. There is always some indication of age. There are services that can be used with the consent of a parent or legal representative, so minors are aiming for exchanges with this description.
Possession of crypto assets by minors
Can minors own crypto assets? In conclusion, although it depends on the exchange, there are many cases where holding is allowed, but it is a gray zone. This is because even minors can create accounts at virtual currency exchanges and virtual currency sales offices. Bybit was also previously warned by the Japanese Financial Services Agency in this regard. However, the situation is fluid.
How minors can buy virtual currency
When trading NFT, a fee called gas fee is charged, so if you want to handle NFT, you have to get virtual currency. Therefore, nothing can be done without virtual currency first. So how can a minor hold virtual currency?
parents trade
The first method is for parents to make transactions that minors cannot do. Parents can buy cryptocurrencies and their children can start trading NFTs. In this case, there are exchanges that do not fall under the terms of use.
Exchanges where minors can open accounts
Even minors can create accounts at virtual currency exchanges and virtual currency sales offices. However, in many cases, this is subject to the condition of parental approval. If you do it on your own without a guardian, your account may be frozen.
NFT and virtual currency are not regulated
Please understand the reality that minors who want to start NFT are not legally regulated. At present, the reality is that countries around the world have not yet made much progress in developing legislation for virtual currencies and NFTs. In other words, you become responsible for yourself. There are many cases where you have to self-resolve even if there is some kind of disadvantage.
NFT and virtual currency are often fraudulent
There are many scams in NFT and virtual currency. Especially in recent years, there are many scammers rampaging in the NFT market. Scammers will always dabble in the trendy world, so there are a certain number of people who will be deceived. And the number of these scams is increasing year by year.
Bybit’s NFT Marketplace
Bybit has an NFT Marketplace. If you open an account, you can actually enter and trade, so let’s try it.
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