Non-fungible or NFT tokens are on the rise as people buy more digital goods, collectibles, music, and art. Sometimes kids want a mod or outfit that they can have for their online gaming and other activities, so it’s no surprise that people of all ages want to buy an NFT. But how old do you have to be?
The consensus for most platforms is that the buyer must be 18 years or older. There are some exceptions depending on the state in which you reside in the United States. Therefore, the age may vary in some areas, but most platforms require you to be 18 years old. The same applies to some of the more well-known NFT “clubs”.
However, there are specific things to look out for, including potential loopholes. In general, the creative minds of young people need to be nurtured once they get involved with NFTs, be it from the creative or business side. We discuss some specific issues in this regard below.
The laws and rules are constantly changing, with NFTs and cryptocurrencies relatively new. Here’s everything I’ve found most recently… remember, regulations and policies are constantly changing.
Disclosure: I am not a lawyer, and the following is not legal advice. If you need legal advice, consult an attorney. Please do not misconstrue this article as legal advice.
How Old Do You Have To Be To Buy NFTs?
In general, NFTs are an emerging digital market that are important components of DeFi. As such, there are no specific state-by-state regulations across the board that govern the market, although there are some states that have enacted laws and guidance.
Most states follow federal guidelines that restrict those under the age of 18 (or 13 for certain activities) in terms of how they can create, buy, hold, and sell NFTs.
Additionally, there may be cases where the age restriction on a platform refers to “the age of majority”, which is defined for each state (for example, in IL, the age of majority is 18). This link shows “the age of majority” in each state.
So, for the most part, you have to be 18 or older to buy an NFT. For the most part, you can’t even set up an account or activate a crypto wallet if you’re under 18.
States With Different Age Limits
I found that while most states in the United States require you to be 18 to purchase an NFT, some states require you to be a bit older. These states include the following:
Alabama, Delaware, and Nebraska require you to be 19 years of age to sell any NFT, while in Mississippi, you must be at least 21 to sell an NFT. These restrictions are because you have to be a certain age to invest in stocks, and NFTs can be considered stocks.
These age restrictions do not stop people from trying it. There isn’t always an in-depth verification process for your identity, so you could easily pretend to be older or even pretend to be a parent as long as you have a way to pay for the NFT.
However, most platforms require verification. This can be through a credit card number or a bank account. But since NFTs and cryptocurrencies are relatively new, smaller or newer platforms may not require it.
In general, NFTs are an emerging digital market. As such, there are no specific state-by-state regulations across the board that govern the market, although there are some states that have enacted laws and guidance.
If NFTs can be art, why are there age restrictions?
There is no restriction on the creation of art. There are many cases where the contributing artists are teenagers and they create and sell art through someone in the group who has an NFT account.
However, as with other NFT activities, the sale of NFTs may be restricted to those under 13 years of age, while the purchase may be restricted to those under 18 years of age (due to the need to have compatible wallets).
If you don’t know anything about NFT wallets, this article will bring you up to speed: The 9 Best Crypto Wallets for Buying and Collecting NFT Art.
The reasons are similar: there may be legal filings and tax requirements to buy, hold, and sell NFTs that are beyond the ability of the average minor.