Son wants to buy NFTs says its just like VBucks.

[OhMyGrace]

Hello i'll try to keep this short as I'd like to get your opinions, I do think I need to give some background though. My DH who always invested has given our sons a keen interest in it. He has set up a youth account on fidelity last year our oldest who has been very responsible. Our son discussed what wants to do with the £40 we put into his account each month, but we ultimately let him make his own decision, which i have to say he seems to be pretty sensible with and spreads it among different investments.

Here is where my problem starts, he also gets £20 pocket money each week, which sometime he puts into his investing account which again we say is his own decision and very mature for wanted to do so. Sometimes he spends it all on a fortnite skin again we say this is fine and he can do what he wants with his money (my other doesn't save a penny and throws it all at fortnite).

I feel we have given my son the freedom to make his own decision good ones or bad ones that's on him we hope he'll take these lessons away. So when the topic of NFTs came up I feel a little stuck, lots of comments say they are just get rich quick schemes, but I thought I'd hear him out as he's clearly read a lot into them. The main take away I got was that they are like collectables and similar to what he buys on fortnite, he also made it clear hes not buying them to sell later and its not like his investment account. I asked if its related to a game to which he said some are but mostly no, it's more like his online persona which I sort of understand, as my FB has lots of old photos of me which I don't like and he doesn't have stuff like that. I also asked who he buys them from and can he trust them, to which he said something about desensitisation and that's when the blockchain is which went straight over my head. My DH seems to think we should let him make up his own mind and keep an eye on it, I'm unsure but probably going to let DH take the lead on this one as he was the one to set up the investment account, although open to any advice.

I'm open to any angles but my main questions are:

What are the differences between buying something on fortnite vs buying an NFT?

Should I take my son at face value when he says its a collectable?

Should I be worried when buying coins to buy the NFT?

My son pointed me at https://metamask.io/ does anyone have experience with this?

Also the NFT's he is looking at buying if anyone has any experience with these?
https://www.arbidudes.com/
https://billyboutsbettn.xyz/

I don't trust those things one bit lots of scams and I wouldn't let my son anywhere near them

Hey, sounds like you have given your son a healthy approach to managing his own finances, and continuing to let him have the freedom to work these things out himself would probably be a good experience for him.

So I've got some experience in the NFT area, I mostly crypto but hopefully I can help.

in terms of if its safe, like anything as long as you have your wits about you should be fine.

Letting my kid do it I'm not really sure unless hes don't some proper research.

I'm not sure on the links as I mostly use coinbase as but like most investing start small and you can go to far wrong.

I've been pondering this NFT situation, dear, and I appreciate your willingness to let him explore it. It's good you've encouraged him to make his own choices and learn from them. I'm still trying to wrap my head around blockchain technology and desensitisation, but if he's comparing NFTs to his in-game purchases and sees them as part of his online identity, maybe there's something to it.

It's interesting to hear your perspective on your son's interest in NFTs. From an outsider's point of view, it seems like you've always had a supportive and open approach to parenting, which is commendable. Allowing your son to make his own decisions and learn from them is essential in helping him become independent.
However, I can understand your concerns regarding NFTs. It's a relatively new and complex area, and it's natural to be cautious, especially when it comes to your child's financial well-being. The comparisons he's drawing between NFTs, collectibles, and in-game purchases do make some sense, but it's crucial to remember that NFTs involve a significant financial risk, and the market can be highly speculative.
Your willingness to let your husband take the lead on this matter, given his experience with investments, shows your trust in his judgment. Still, I would suggest that it might be beneficial for both of you to educate yourselves further about NFTs. This way, you can have more informed conversations with your son about the potential risks and rewards involved. Ultimately, maintaining open lines of communication and actively engaging with your son on this topic can help ensure he's making informed choices while preserving his independence and personal growth

I'm not really sure about all this. Maybe if he's taking it seriously and not just trying to make a quick buck, it might be worth letting him explore it.

About NFTs, I get why it might be a bit confusing. Your son sees them as collectibles, somewhat similar to what he buys in Fortnite. That's a valid point, but NFTs are unique digital assets that he actually owns on the blockchain, not just in a game. They can range from digital art to collectibles, and their value can vary.
As for buying NFTs, it's essential to be cautious. Research the platforms and sellers thoroughly to ensure the transactions are legitimate and secure. The blockchain provides some security, but it's always better to be safe.
Your husband's idea of letting your son make up his mind and keeping an eye on it seems reasonable. After all, he's been handling the investment account. Plus, keeping track of the NFT Drops Calendar is a good way to stay informed about opportunities.

This thread is wild - AI, NFTs and all sort of bots

It seems such a shady nefarious world that I'm incredibly glad I don't need to find out more about it. It's curious, but with definite overtones of a sci-fi novella and loners in grimy basements.
I guess my suggestion OP is to allow your son to explore this world as it may be educational and useful in future trading. But keep an eye

NFTs are kindof amazing, and its good your son is exploring without trying to make a quick buck.

Metamask is a browser extension which lets you access blockchains - usually the ethereum blockchain, but also L2s like arbitrum, which is what he seems to minting the NFTs on. Arbitrum is cheap and fun and is a really good place for a youngster to start.

I'm not familiar with the projects that you linked to, but there are so many that its impossible to keep up with everything coming online. The first one looks like a cool fun pfp project, the second one looks more dubious and isnt something that I'd pursue, but each to their own.

A couple of tips tho.

• He should have seed words that give him access to his account. The account isnt on the computer as such, but your computer will store access to the account, however he must back up his seed words (on paper, not on a computer/phone, seed words should never touch the internet, including photos of the seed words). It is probably wise for you to keep a copy of these seed words in case he loses them.
• If he has NFTs of significant value, he should look into getting a hardware wallet, such as Ledger. Only ever buy this direct from the manufacturers site, never from somewhere like Ebay. Note that Ledger offers a service called "Ledger Recover", its unnecessary if you have the seed words safely stored and there are some concerns about the security of this service, as Ledger are a bit hazy on the details of how it actually works.

Also, I think he is probably talking about "decentralisation" rather than "desensitisation". Thats a good sign - decentralisation is a mark of quality in the crypto/NFT world.

I went through something similar with my nephew and ended up showing him platforms like binance so he could see how crypto and NFTs actually work. It helped him understand there's a difference between digital collectibles in games and speculative assets tied to money. It also made him think harder before spending, especially when he saw how fast prices could go up and down.