The digital asset market may have started with Bitcoin\u2019s humble beginning but its fortunes have changed over the past decade.<\/p>\n<\/div>\n
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As of writing, the total crypto market cap stands at <\/span>$1 trillion<\/span><\/a> despite the ongoing turbulence and uncertainty in macro factors. More interestingly, this ecosystem has not only introduced 24\/7 decentralized markets but created an opportunity for internet natives to make generational wealth.\u00a0<\/span><\/p>\n Looking back, Bitcoin and Ethereum were the main cryptocurrencies until 2017 when the Initial Coin Offering (ICO) boom set the stage for the debut of hundreds of digital tokens. Today, the market hosts close to 13,000 digital assets, with Decentralized Finance (DeFi) and Non-fungible tokens (NFTs) ranking high up in the list. The latter has been touted as the future of gaming, entertainment and digital art.\u00a0<\/span><\/p>\n And now the big question; can crypto wealth or NFT collectibles be passed down to future generations? The simple answer is yes, but this comes at an opportunity cost given the current structure of crypto wallets. In most cases, non-custodial wallets that are designed to interact with decentralized markets have a seed recovery phrase; it is the last line of defense in recovering lost crypto funds.\u00a0<\/span><\/p>\n But how efficient is the seed recovery phrase when it comes to heritage issues? Currently, over 4 million BTC is sitting in inaccessible wallets, a good number of these coins belong to people who have already passed on. Furthermore, a research by the Crenation Institute revealed that 90% of digital asset owners have concerns as to what will happen to their wealth once they kick the bucket.\u00a0<\/span><\/p>\n For those who prefer non-custodial wallets, it comes down to whether one is willing to share their seed phrase with potential heirs. While it may be a viable option, it is not entirely reliable, given that even one\u2019s closest family members can betray them when money is involved.\u00a0<\/span><\/p>\n The other alternative would be to store funds with centralized crypto exchanges like Binance and Coinbase who have established procedures for releasing funds to heirs; definitely not the cup of coffee for crypto investors who believe in self-sovereignty.\u00a0<\/span><\/p>\n According to Dapp Radar\u2019s latest <\/span>report<\/span><\/a>, the demand for NFTs surged in Q2 compared to last year\u2019s volumes and sales during the same period. Most of these gains can be attributed to the emergence of NFT-oriented games and the metaverse hype in recent months. Unlike most of the early crypto innovations, NFTs have proven to be of fundamental utility.\u00a0<\/span><\/p>\n This value is now trickling down to solving critical issues, including crypto heritage. By design, NFTs are unique (indistinguishable), making them a perfect tool in the development of a crypto \u2018StrongBox\u2019 for fund recovery and passing down inheritance. Today, it is possible for a digital asset owner to create a NFT-powered StrongBox through DApps like Serenity Shield, which recently launched its MVP.\u00a0<\/span><\/p>\nThe Crypto Inheritance Question\u00a0<\/span><\/h2>\n
NFTs Value Proposition\u00a0<\/span><\/h2>\n