It’s unique. It’s fashionable. It’s crypto. Give the gift of an NFT this Christmas.
Why not give someone an NFT instead of cash or a gift card for Christmas this year? An NFT “adds that extra value. It just adds a little bit of emotion to it because you know something about that person” MyEtherWallet, or MEW, cofounder and CEO Kosala Hemachandra said. You may locate the perfect piece of digital art for the nature enthusiast, the robot-obsessed, or the art lover in your life, according to Hemachandra, who established NFT project ETHBlocks. NFTs, or non-fungible tokens, are pieces of digital art created on the blockchain, and they’ve been in high demand this year. Mega sales of things like Beeple’s $69 million sale of “Everdays” and metaverse excitement are expected to propel the market to a new high of $17.7 billion by the end of 2021.
So how does one give an NFT as a gift?
For starters, expect to spend between $200 and $500 on your gift. The red-hot transaction fees on ethereum throw on a large price tag, Hemachandra explained, despite the fact that the NFT itself is only $10. To begin, go to one of the popular NFT marketplaces and check through some collections. Items can be filtered by price on OpenSea, which is a popular platform for NFT sales.
Once you’ve decided on a piece, the simplest way to purchase an NFT is to use a crypto wallet, which you can create with a programme like MEW or MetaMask. Many well-known cryptocurrency exchanges, such as Coinbase and Kraken, also offer wallet services. You’ll need to buy some ethereum on an exchange and then transfer it to your wallet (ethereum is now trading about $4,020, but you can buy any amount you like).
If the receiver doesn’t have their own wallet or isn’t familiar with crypto, you can set up the wallet for them, transfer the NFT, and supply them with the details after you’ve delivered the gift. The NFT can also be claimed by providing a phone number or an email address. This, according to Hemachandra, goes against the concept of “decentralisation.”
When the crypto rookie “unwraps” the present, Hemachandra suggests using a straightforward approach to describing what it is. “This is for you; you own it,” you can explain. “If you ever wish to sell it for a higher price, you can do so.” He believes that the more likely scenario is that one crypto fan will give a piece of digital art to another crypto enthusiast. However, Hemachandra believes that NFTs will become exponentially more popular as Christmas gifts in the next five years.