Here’s what happens to NFTs when you die: Nifty Newsletter, 12-18 April
In this week’s newsletter, read about how Mastercard launched an accelerator program for musicians powered by non-fungible tokens (NFTs), and how online security groups urged Meta to refrain from allowing minors into its new metaverse. Check out what happens to NFTs when a collector dies, and in other news, find out how publishers are looking for alternatives to games to make money. And don’t forget this week’s Nifty News, with Bitcoin (BTC) miners profiting from Ordinals and Reddit facing backlash for Gen 3 avatars.
Mastercard launches NFT-gated musician accelerator program
Payment processing company Mastercard announced an artist accelerator program with a Web3 twist. The program aims to help musicians by giving them access to artificial intelligence tools and other experiences. However, it will only be available to those with the limited edition Mastercard Music Pass NFT.
NFT is free for musicians and fans until the end of the month. The company partnered with Polygon to make the initiative happen. According to Raja Rajamannar, Mastercard’s Chief Marketing and Communications Officer, this program helps users understand and trust how blockchains and digital assets are used.
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What happens to NFTs when you die?
Cointelegraph spoke to various professionals to find out what will happen to NFTs when a collector dies. According to Oscar Franklin Tan, CEO of NFT platform Enjin, smart contracts are flexible enough to transfer NFTs upon the owner’s death, but the death needs a way to be linked to the contract.
Meanwhile, Ajay Prashanth, a manager at NFT insights platform bitsCrunch, echoed Tan’s comments. Prashanth said that setting up smart contracts to automate NFT transfer after death is “technically possible.” However, it requires connection to legal documents confirming the death.
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Youth Metaverse: Meta is encouraged to ban minors from the virtual world
Online safety groups have sent a letter to Meta CEO Mark Zuckerberg urging the company to cancel its plans to invite teenagers and young adults to use its metaverse application, Horizon Worlds. According to the activists, Meta must assess the risks of letting young people into the metaverse.
The groups also urged the company to wait for peer-reviewed research on metaverse risks to ensure that children and teenagers are safe. According to the letter, children are likely to face privacy issues and harassment in the metaverse.
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NFT.NYC: Gaming for profit isn’t dead, but game publishers are looking for alternatives
Cointelegraph went to the NFT.NYC 2023 event in New York to get exclusive insights from the conference. One of the topics discussed was games to make money and how companies are changing strategies during the crypto winter.
Minoru Yanai of Japanese manga and anime design company Minto said companies are now looking at “play and fun” and even “earn or trade.” He added that publishers and developers are now focusing on sustainability and flexibility.
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Nifty News: BTC Miners Earn $5M on Ordinals, Reddit NFTs Backlash & More
Data from Dune analytics showed that Bitcoin miners had earned over $5 million from Bitcoin Ordinals as BTC transaction fees from inscriptions increased by 240% in the past month. Meanwhile, Reddit’s third batch of NFTs, often called “Gen 3,” faced backlash over botting issues. Redditors claimed they missed out on the sale due to spam bots that swooped in almost immediately.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
