NFTs as a Business Asset
Simply put, NFT’s (or “tokens”) are digital assets. Various examples include movies, drawings, music, and digital artwork.
By their very definition, NFT’s are non-fungible, meaning that they cannot be traded for something else. For example, Da Vinci’s original Mona Lisa is non-fungible; only one original version exists, and there will only ever be one. Contrarily, U.S. dollars are fungible—trade one dollar for another dollar and you end up with the same thing.
Crypto economy has arrived.
An actual physical bank will soon be providing the full slate of deposit-taking, custody and fiduciary services for cryptocurrency such as bitcoin.
The Cheyenne, Wyoming-based Kraken Financial on September 16 became the first digital asset firm in the U.S. to obtain a federal- and state-recognized bank charter and thus will be regulated very similarly to other American banks. Although the institution will have a physical office in Cheyenne, the plan is to emphasize online and mobile banking, with customer support on call 24/7/365.
Estate plans should account for the disbursal of all assets, lest they become marooned in probate purgatory. People are forgetting that they have digital assets that need to be accounted for.
Protecting Your Digital Assets
Digital assets like cryptocurrency, social media accounts, e-commerce and online accounts need to be cared for just as much as conventional ones, so that family members are able to account for and access them as property, wealth and assets are transferred from one generation to the next.
Cryptocurrency has been a trending topic of discussion for the last several years. Cryptocurrencies such as Bitcoin and Ethereum have captured the public’s attention with their unstable, and highly fluctuating market values, as well as their promises for quick and easy rewards.
Currency in the Digital World
But what exactly are cryptocurrencies? And how secure are they as an investment? Questions such as these are precisely what Federal and State regulators, as well as Congress, are struggling to explore and answer.
Chicago Business Attorney Blog