Do NFTs make good gifts? How to successfully give NFTs

NFT, ART, ARTCHIPS

Author: Mandee McFerren

 

Snimok ekrana 2022-01-14 v 16-24-19 

Image: Bridget Mac Donald CC0 Source: https://unsplash.com/photos/HThOojXy4_4

 

After a Holiday season once again affected by the COVID 19 pandemic, whether it be supply chain shortages, hesitancy to be around crowds, or simply wanting something new, it’s no surprise that people have turned to alternative, modern ways of gifting.

 

Historically, virtual gifts have been seen as a fall-back for last minute shoppers who don’t really know what to get their recipient. But with more and more virtual platforms, items, and subscriptions emerging constantly, giving virtually has become increasingly mainstream.

This past winter, there was an interesting rise in people giving much-publicised NFTs as gifts to friends and family. An NFT, or non-fungible token, is a unique digital asset (like an image, audio recording, or gif) whose ownership is stored on the blockchain. By many, they are considered a combined investment and art piece, but virtual.

 

NFTs have risen in notoriety over the past year, appearing across various media platforms and attracting the interest of crypto traders, artists, and collectors. Often divisive, NFTs have been considered by many as a trend that would fall out of favor after a brief success. Instead, the NFT market has continued to grow, with nearly $25 billion (U.S) of the digital assets sold in 2021 alone.

 

But how does one give an NFT? And who wants them?

While NFTs are certainly an interesting gift to give, they do require a bit more effort than a sweater or a box of chocolates. Because of this, it is probably wise to determine beforehand if the recipient would actually like an NFT.

 

Reports from buyers this holiday season have seen a multitude of reasons for buying loved ones NFTs. Sometimes, crypto is a shared hobby between the recipient and the giver, and something they both enjoy doing together and talking about. This scenario is a great situation to give an NFT – you already know the person is interested, and it is something you can participate in together.

 

For others, they know that their recipient has a strong interest in crypto. While they may not be personally interested, they want to get their recipient something that they are truly passionate about. The same goes for those interested in digital art.

 

Others see giving NFTs as an investment gift, something that can grow in worth over time, like a bond or a piece of jewelry. This mindset correlates with the traditional idea of giving valuable objects that will increase in value. While many NFTs do increase in worth, it is not guaranteed, and it is important in this situation to still choose an NFT that the recipient would enjoy regardless of monetary value.

 

All of these are popular reasons for giving NFTs, and mark a new way of gifting art that we haven't had before. Buy how, as a buyer, do you actually go about buying someone an NFT?

 

To buy someone else an NFT, you must first make them a crypto wallet. For new collectors, this may require guidance from the giver on how to download and install NFT-supporting wallet apps on the recipient's phone and an explanation on how crypto wallets work. After setting up the wallet, they will be able to receive the NFT gift.

 

You could buy an NFT on one of the many available sites, or use a platform such as ARTESSERE ArtChips to choose pre assessed valuable art. Unlike crypto coins, which could also be given to someone with a crypto wallet, NFTs are more sentimental and require more thoughtfulness than simple coins (think personally chosen artwork versus a gift card.) Along with the digital asset, many people give a physical print out of the NFT to symbolise the purchase, presenting something physical to symbolize the legal ownership of the NFT.

 

All and all, NFTs are undeniably an interesting and modern gift – perfect for those interested or looking to enter crypto or the metaverse, modern art lovers, collectors, or those interested in trying their luck. Gifting NFTs could also be great for people who have considered buying an NFT but are afraid to take the first step themselves. As with any present, the future value of an NFT can fluctuate, so it may be important for some buyers to first and foremost make sure that the NFT does have sentimental value. In the new year, it will be interesting to see how NFTs grow as a giftable item, and how those who received NFTs in 2021 find their new assets. For now, happy new years and happy NFT hunting!

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