The fact that NFT is becoming a daily topic is solid. People on Twitter, Discord and Instagram are impressive. We can always see posts and sharings online about people making fortune with NFTs.
Among all these NFT dealers and creators, there’s this very thrilling and particular example: Alexis Olympia Ohanian. She’s the daughter of Serena Williams, a former US female tennis player, and 23-time Grand Slam winner. But Alexis doesn’t gain popularity or attention because of her mother. Instead, she becomes famous because of her NFT creation, Qai Qai.
Besides reputation and wealth, the NFT doll gives Alexis the ultimate companion. Together, they’ve been through up and down throughout Alexis’s childhood. And likely, they will be holding “hands” and spend the following decades.
As parents, after seeing this inspiring example, the idea of getting your child an NFT doll or other products strikes. To give your child a virtual but real companion and entertainment, an NFT seems pretty good. To answer your question, we will first see through the problem: the cost and benefits of having an NFT. Then, you can decide whether you should do that.
What Is NFT
Non-fungible token, shorten as NFT, is a unique digital identifier that is recorded to a blockchain. It CANNOT be copied and substituted, which makes it the perfect carrier for digital property.
One of the very famous alternatives of NFT is framework of a blockchain. People will create their own NFT art freely with any materials, realistic or virtual. And whoever creates the token will have ownership forever until the token is sold and the source code is transferred. Uniqueness is fundamental.
You will hear fake shoes, purses, chains, or antiques, but you will never hear anything about fake NFT or fake bitcoin. Collectible is therefore developed. People will buy what they’re really interested in simply. And simply because the token they invested is the one and only in this world, they will spend quite a lot on it.
Some cases of NFT biddings:
- In March 2022, a picture of “Morons” created by Bansky was re-created as an NFT art and sold at $380,000 by Injective Protocol.
- In the same month, a 40-year-old graphic designer named Mike Winklemann (famous as Beeple) had his NFT art “Everydays: The First 5000 Days” sold for 6.8 million dollars at Christie’s New York.
So, you can see that the NFTs have a market and a big one. As long as the virtual art is appealing and worth collecting, it will be of good value.
Are NFTs Beneficial
So far, NFTs are proven to be a good way to succeed and gain a reputation. For adults, being successful in NFTs can get you out of heavy loans and a nothing life.
However, for kids or even toddlers, NFTs are quite arguable. Since most people are marking profits by frequently selling and buying NFT art pieces, the atmosphere is truly a bit utilitarian.
For kids that are still young and naive, such an idea will pollute their clear minds and make them aware of the power of money too early. They may not be able to enjoy childhood carefreely. Instead, the push of keeping making more money and being famous will filled up their mind.
We have no idea whether this is good for the kids or not.
However, on the other hand, your child gets to know the most popular and advanced industry in this world and even makes a profit from it. Also, he/she gets to develop and practice the talent in art like painting, design, singing, etc. This will be a great step forward in an artist’s way.
Does A Toddler Need An NFT
The answer to this question actually depends on the interest of your child.
How about you start introducing and explaining the definition and function of the NFT to your child tomorrow? And show them some art pieces of NFT arts. And see their reactions.
- If they appear to be interested and motivated, this kid needs further education in this field.
- If your child is not touched at all and focuses more on the toys, you can mention the NFT later when your child grows a bit older.
What Are The Risks of NFT
There’re risks in starting an NFT career just like in any other industry.
Fluctuations in Value
This is not just for the NFTs but also for anything in the crypto world. The very famous and hilarious dogecoin is such a typical example.
- In early May 2021, each dogecoin was priced at $0.711. But only a few days later, its value dropped to $0.470. And stepping into 2022, the price went down to $0.07, only 10% of its peak.
An NFT art piece is valuable because of people’s interest and attention. Once it’s not special anymore, it loses its value, and therefore, the price will drop to the bottom. The cases of an NFT priced millions of dollars but later dropped to a few dollars are common.
So, you’d better stop your child when he/she wants to buy some expensive new tokens. Wait for a month at least to see the market’s reaction.
“Don’t invest in another NFT creator or company” is the truth for beginners.
Green hands know little about the industry and its tendencies. You have no idea who the person is behind the screen. So, pay attention to every bidding and investment you and your kid make.
- In 2021, investors funded millions of dollars to an anonymous NFT creator who launched Bored Evolved Ape, a very hot NFT icon back then. But later, the project failed because the launcher disappeared along with the 2.7 million dollars.
Where to Start
There’re some very famous and trustworthy NFT platforms such as OpenSea, SuperRare, Nifty Gateway, Axie Marketplace, and Rarible, you may go through them with your kids and think about the direction of creation.
Besides, on Instagram and Twitter, people create accounts for NFT icons, like Qai Qai. You may check them out as well.
Most trustworthy and reputable NFT trading platforms don’t welcome users under 18 years old. A minimum of 18 is a must. That is to protect young and naive NFT owners from being spammed.
An NFT for children can be a list of codes or data presented to be a picture, audio, meme, Gif, or items associated with specific games, etc.