Since around 2022, NFT art and NFT games have started to become a hot topic on virtual currency exchanges, so I will explain how to get started in this article. Even people who are still underage are becoming interested in NFTs. But can you start NFTs at any age? And from what age can you join?
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.
Virtual currency has large price fluctuations
Currently, there are many different cryptocurrency brands, including Ethereum, Bitcoin, Ripple, etc., and there are risks involved due to large price fluctuations. Therefore, in order to use them to make money, you will need to study the latest financial knowledge as a preparation. Of course, if you sell them and make a profit, you will need to file a tax return. It is a good idea to hold a token with a small amount of capital at first. The operating company has a large number of brands available, including expensive ones.
Can only be done if you are over 18 years old
Although there are no legal restrictions, most domestic exchanges such as Coincheck and Opensea have a policy that requires people to be 18 or 20 years old to list or register. However, this is the only restriction, so if you can clear it, you can easily get started with the app. For reference, there are many currencies, and data transfers from the official website are also easy with MetaMask. Content can be managed digitally, so it is easy to buy images freely.
NFT and virtual currency are often fraudulent
There are many scams surrounding NFTs and virtual currencies. Especially in recent years, there have been many scammers running rampant in the NFT market. Scammers always try their hand at popular trends, so there are a certain number of people who will be fooled. And the number of these scams continues to increase year by year. The reason for this is that more and more people are disseminating token content and information, and more and more people are seeing it on networks such as SNS (X, Twitter) and the media.
Bybit’s NFT Marketplace
Bybit has an NFT marketplace, so I recommend it. If you are an adult over 18 years old, you can open an account with the management and actually enter and trade, so give it a try. Deposits are accepted in legal currencies such as Japanese yen, dollars, and euros, and transactions using blockchain are possible online. Coins are also accepted in Bitcoin and Ethereum. It is also very simple to use. Even beginners can send money for free from Metamask and exchange art.
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