Gifting Non-Fungible Tokens

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This Christmas, as growing stress mounts on supply chains, it seems appropriate to resort to virtual presents, such as NFTs. And people have made NFTs of just about everything in the last year, including a burned Banksy, Taco Bell gifs, and Jack Dorsey’s first tweet. One artist even attempted to sell her human eggs as an NFT, another sold a collection of Lockdown farts.

Many of those celebrating the Lunar New Year under quarantine in Asia this year resorted to gifting cash using e-wallets as part of the ritual. E-wallet adoption and interest in cryptocurrencies increased across Asia as a result of the shift.

In this article we’ll talk about how and why to gift an NFT for the holidays.

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About the project

Chiko & Roko is an online platform for free art toys. We are giving out new NFT gifts on a daily basis, including exciting thematic NFTs with unique designs made by authors and designers from different countries. The art toys can be viewed from different angles in 3D and turned into cool social media content with the use of AR technology.
Collect them all!

If you are interested in collaborating with us, please click on the relevant link below to fill out the form and join our project in any available capacity.

Become a partner.

Join as a 3D artist

✅ Chiko & Roko Shop
✅ KYC integration
✅ Lootboxes delivery vehicle
✅ Community Market

• Integration with Polygon and OpenSea
• New mechanics of assembling collections
• Launch of mobile version

Image source: Getty Images

If you’re thinking of buying an NFT as a Christmas gift, read this first.

Key points

• NFTs are digital collectibles that live on the blockchain. They’ve grown significantly in popularity this year.
• NFTs can have both monetary and sentimental value, but there’s a risk their value may not last.

But what exactly are NFTs? Should you get them for your nearest and dearest? If so, how do you do it? We spoke to six experts on cryptocurrency and NFTs to find out. If you’re considering making it an NFT Christmas, our NFT gift guide has all the info you need.

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Looking for a gift for your Web 3.0 fanatic friend? Well, NFTs can be a good option to consider. We know it might sound a bit confusing but, let us assure you that there are several NFT Gift ideas available in the market. Don’t believe us? Check out the list given below.

NFTs became successful in a short period of time. It became a billion-dollar sector where celebrities and top companies are getting involved. NFTs are also becoming assets like land and houses. These NFTs can be verified and resold to earn huge benefits. Gifting these NFTs is also a cool trend nowadays.

We will go through the different NFT gift ideas which you can give to someone special. Some of these ideas are luxurious while some are simple gifts. It all depends on the person whom you are giving the gift.

So, without losing time, let’s start.

Key Takeaways

• Non-fungible tokens (NFTs) are digital assets that are sold using cryptocurrencies and their ownership is verified on a blockchain.
• NFTs can be anything—computer-generated avatars, sports highlights, or collectibles like art.
• To gift an NFT you need to purchase one on an NFT marketplace using a cryptocurrency wallet.
• Transactions on a blockchain are often final and irreversible, so double-check all information about the recipient before completing the transaction.
• Spending cryptocurrency to buy an NFT may create tax implications for the gift-giver.
• The value of the NFT depends on the demand for it. Certain artwork or gaming avatars have sold for millions of dollars but have lost value over time.

NTFs (non-fungible tokens) have taken the online world by storm in the past few years. While NFT art lives out in the internet ether, there are plenty of touchable real-life NFT-related gifts to give your favorite NFT investor or creator. While NFTs themselves are hot gift items, receiving a gift that is a little more down-to-earth can be fun, too. 

NFT fans will be delighted to receive any of the gifts on our list as a “fun token” of your affection for them and your acknowledgment of their non-fungible token obsession. We have ideas for everything from shirts to art books and specialized merch to delight anyone who loves NFTs.

Gifts for NFT Collectors and Creators

1. Digital Photo Frame

2. NFT Books

If your NFT artist friend is new to NFTs, there are several books that can serve them well. NFTs for Beginners, Mastering NFT, and The Empowered Artist all give insight into creating and successfully selling NFTS for profit. If they’re ready to break into the world of NFTs, any of these books can help.

3. Digital Canvas Display

Even better than a desk photo frame for displaying digital art is a large canvas digital art canvas display for your NFT enthusiast’s wall. Choose from landscape or portrait orientations in a variety of frame sizes and styles to allow your NFT enthusiast to show off their NFT investment.

4. Crypto Shirts

Your crypto nerd is bound to attract the attention of other crypto nerds while wearing a crypto-related shirt. Choose from an Etherieum HODL, In Crypto We Trust, Ethereum, or Bitcoin to the Moon to let your crypto nerd express their special brand of nerdom in their wardrobe.

5. Metal Seed Phrase Storage

There are some things best kept offline, and word recovery phases are among those items. Paper can burn or rust, but metal endures, which is why anyone in your life that uses these phrases in their online crypto wallet will appreciate one of these metal recovery seed wallets.

Про NFT:  Полное руководство для коллекционеров NFT: раскрыты лучшие из них

6. Bored Ape Yacht Club Merch

The Bored Ape Yacht Club apes are especially cool, and they show up on some interesting merch. Surprise your BAYC fan with a Mutant Ape Yacht Club #13748 t-shirt, a scroll poster featuring one of their favorite Bored Apes, some of their digital music like the BAYC NFT Rap, or a HODL BAYC #6391 notebook journal. 

7. Generative Art Books

If you’re buying a gift for someone who is trying to create a unique NFT art brand for themselves, giving them a book on generative art computer programming may be just the thing they need. Check out Generative Art, Generative Design, and this other Generative Art book as sources of inspiration.

8. CryptoPunks Merch

If the NFT fan in your life is a CryptoPunk enthusiast, they’ll be thrilled to sport their fandom with some CryptoPunk merch. Why not get them a Punk is Not Dead hoodie, an enamel CryptoPunk pin, or CryptoPunk t-shirt?

9. NFT Art

While art can be personal, it can also be interesting to give, especially NFT art. It doesn’t matter whether you know anything about NFTs or not; you can learn. Your NFT-loving friend will be thrilled that you cared enough to explore their art world and gift an NFT to them.

10. Tablet

Does the NFT enthusiast in your life spend most of their time perusing NFTs on their phone’s tiny screen? If so, maybe it’s time that they had a tablet. When deciding between an Apple tablet or Android tablet, it’s best to match their phone type for a more seamless experience.

11. Fund Their Crypto Wallet

Funding a crypto wallet is the new cash-for-Christmas in a crypto lover’s world. Services like Coinbase and Binance offer crypto gift cards that work exactly like retail gift cards. When your crypto-coin-lover visits the website where you bought the gift card, they can deposit the Bitcoins into their digital wallet. 

12. Hardware Wallet Mount

Hardware wallet mounts allow your Crypto devotee to mount and hide their Crypto devices in a safe place. CryptoCloaks 3D prints all their cloaking devices customizable and to order, which allows you to get exactly the right hardware wallet mount to fit their unique needs. Alternatively, you have this steel bitcoin wallet to keep their crypto safe against all disasters. 

13. Physical Crypto Coins

If you’re looking for a novelty gift for the cryptocurrency nut in your life, why not get them some physical bitcoins? No, you can’t exchange collectible bitcoins for actual cryptocurrency. However, these tokens are still unique items to collect. They can also be a fun joke gift.

14. Ethereum Mining Rig

15. Password Book

Passwords. We all have eleventy bajillion of them to remember. However, in the crypto world, they can be even more complicated and have need to be kept in a non-digital format. That’s why your crypto fan needs a crypto password notebook to keep their passwords and recovery phrases secure.

16. Digital Pen

A good digital pen can make worlds of difference in the art your NFT creator friend can make. Especially if they’ve been using their mouse or trackpad and finger to make their NFTs, it’s time for them to switch to something better. 

Final Thoughts on Gifts for NFT Investors and Creators

If someone in your life is into NFTs in a big way, they’re going to love anything on this list that you get for them. If you know their niche favorite NFT fandoms, you can personalize your gift-giving to be even more meaningful.

Hi, I’m Lara Kitt, Chief Gift Guide Officer at Elfpaca.com. Drawing upon decades of experience selecting gifts for loved ones of all ages, I’ve trained my team of talented alpacas to craft the ultimate gift guides for every occasion.

           How to Gift NFTs – the Basics

           Once you own and NFT, you will need enough Ethereum to pay the transaction fees as well as the recipient’s Public Wallet Address. It is critical that you have the correct Public Wallet Address since once sent the NFT cannot be recovered if it is sent to the wrong address. Next, open your wallet by logging in and make sure you have enough Ethereum to cover the transaction costs (AKA gas fees). From there find the NFT you want to send and choose the option to send the NFT to another wallet. Enter the recipient’s wallet address and the software will confirm that their wallet is compatible – that is you can only send an Ethereum NFT to a wallet compatible with Ethereum so you cannot send it to, say, a Bitcoin wallet. 

           There are other ways of transferring an NFT, one way is to load the NFT onto a wallet on a USB stick (a so-called cold wallet) and give them the physical hardware and the keys to access the wallet. Ledger wallets are inexpensive and come with NFT support as well. 

           Gifting NFTs is more Complicated than That.

           Seems simple enough, but there are complicating factors. The first is taxes. Whenever you gift something, you have the potential for transfer taxes, gift taxes for lifetime gifts and estate taxes for testamentary gifts. Those taxes are based on what the fair market value of the gift is at the time of the gift. I have discussed some the issues facing the valuation of NFTs previously, so I will not go into the details here.  Suffice it to say that the actual methodology for valuation of an NFT is uncertain at the best of times, and nearly impossible when you consider the various forms of ownership you might have in an NFT: everything from the right to receive a percentage of the sale proceeds in the future to a “shard” of a fractionalized NFT .

           The second complicating factor is asset protection. Although you might be able to manage your NFT portfolio, the beneficiary of your gift may not – either due to their age, their experience or their interest in the digital assets. When you gift an NFT to someone outright, there is no way that you can separate the management of the NFT, including when to hold, buy or sell NFTs, from the beneficial ownership. 

           NFT Gifts using Trusts

           The complications of taxes and asset protection involved in any gift of property can be offset by using Trusts. Trusts are very flexible when it comes to holding property, such as real estate, artwork and now, cryptocurrency. Trusts can be used to defer or avoid paying both gift and income taxes on the gift. There are specific terms that can be drafted into trust to better handle digital assets, but there are many issues that the grantor of the trust, and the trustee of the trust, still have no answer to. These include:

• How closely will the IRS follow the rules laid down for gifting Art and other tangible property?
• What global national and local regulations will apply to these “borderless” digital assets?
• How can beneficiaries and grantors protect themselves by having the Trustee covered by E & O insurance, when the market is so uncertain?
• How can a Trust safeguard digital assets and act as a prudent investor when the market is both unregulated, unpredictable and open to fraud and theft through hacking?
• How will federal securities laws apply to NFTs as an alternative investment?

Each of these points, and many others, lead to other complicated issues, which will not be solved until the solution is tested in real life.

My forecast of the Near Future on gifting NFTs:

• The IRS will follow the broad outlines of the regulations on gifting Art so long as Cryptocurrency in general and NFTs in particular are treated as property for tax purposes. 
• Global conventions, either state sponsored or by the giant tech platforms, will provide some rationality over the conflicting global, national and local regulations.
• Trustees and trust companies that specialize in digital assets will develop independently of the institutional trust companies and will provide the necessary flexibility and protection for clients so that their digital assets can be held by  the Trustee of any NFT when it is received by the Trust .
• Trusts will be specially drafted to provide some safeguards, and independent trustees will work to negotiate with digital asset management firms to provide as much protection as possible, including the use of “hot” and “cold” wallets.
• The SEC will not automatically consider NFTs an alternative investment by itself, though it will regulate those companies (including some trusts) which hold themselves out as a register investment company rather than as a fiduciary.

How good are my predictions? Probably no better or worse than anyone else in the industry today. What will happen is that those who dare to strike out into the unknown may very well end up defining what role trusts will play in the taxation and asset protection of digital assets, both by their successes and their failures. Now more than ever is the time to know how to plan in uncertain times.

How To Get NFTs

Note

The value of the NFT depends on the demand for it. Certain artwork or gaming avatars have sold for millions of dollars, but have lost value over time. Also, not every NFT may appreciate in value or command a liquid market.

To gift an NFT, you have to first get the NFT into your own digital wallet. Next, you’ll need to buy cryptocurrency to make an NFT purchase. The most popular currency for NFTs is ethereum. Once you own ethereum and it’s in your wallet, you can connect to a marketplace like OpenSea or Rarible to purchase the NFT. You could also purchase NFTs offered as collectibles by specific brands, such as the NBA.

NFTs can either have a fixed selling price, or you need to bid for it in an auction (think eBay). In an auction, typically all bids are visible and some platforms may require valid bids to be higher than previous bids placed. The owner of the NFT would then make the sale to the highest bidder.

If you are new to cryptocurrency and NFTs and only want to send an NFT as a gift, the easiest way to start is with a digital wallet like MetaMask, which is free and works as a browser plug-in or mobile app.

The Rising Popularity of Holiday NFTs

NFTs can be bought on NFT marketplaces like Rarible, Foundation, OpenSea and Binance. The largest NFT marketplace is now OpenSea. Non-custodial crypto wallets (like Metmask for Ethereum) can be used to purchase NFTs.

Rules, Regulations, and Reminders

In most cases, there are no special rules or laws around NFTs. But they’re relatively new so there may be a lot of uncertainties associated with them. Plus, there are a few nuances you need to consider prior to gifting an NFT.

There are potential tax implications that you may want to be aware of. First, cryptocurrencies work like money but are treated similarly to a stock investment for capital gains tax purposes. If you used cryptocurrency to buy and send the NFT, those could be taxable events.

Note

Gifting NFTs could also be subject to gift tax, but only if it’s worth more than the annual exclusion.

If the NFT appreciates considerably over time, the recipient of your gift could be on the hook to pay taxes if and when they decide to sell it. Capital gains on NFTs could be tricky, as rare NFTs may be treated as collectibles, which are taxed at a higher, long-term capital gains rate of 28%.

Transaction Costs To Consider

Transaction fees may add a significant cost to your gift-giving experience. Depending on network congestion, network fees may cost hundreds of dollars when sending an NFT.

Creative Gift Presentation Ideas

Because you can’t put an NFT in a box and gift wrap it, you may want to come up with other fun or creative ways to present the NFT to the lucky recipient. Here are a couple of fun ideas to choose from:

• Gift with a hardware wallet: If the recipient doesn’t have one, you can load the NFT into a hardware wallet and give them the wallet and NFT all at once. Ledger wallets are relatively low-cost among cryptocurrency hardware wallets and come with NFT support.
• Print a copy to physically deliver: You can print a page showing the NFT along with instructions to access it or a note requesting their wallet address.

Why buy an NFT gift?

The value of NFTs, like that of art, is highly subjective though. If your aim is to pick an NFT that appreciates in value over time, take care to choose not just a great-looking NFT, but also a strong project that interacts frequently with their community and has many interesting objectives on the roadmap.

If the idea of searching for gifts sounds stressful, use these lists here, here, and here to pick the best NFT gift ideas.

Benefits of Gifting NFTs

If you own an NFT that’s gone way up in value, gifting the NFT could save you on taxes compared to selling it and keeping the cash yourself. But mostly, giving an NFT is about engaging with your friend or relative in a fun way using exciting technology. Happy gifting!

Who To Give NFTs To

Only someone with a compatible digital wallet can receive an NFT. That restriction makes gifting NFTs to children who are minors tricky, as most exchanges, brokerages, and wallet apps will not let you create an account for a child below 18 years of age.

Before gifting an NFT, consider the responsibility of ownership that comes with the item. You should generally only give NFTs to an individual who understands what they are getting ownership of, how to access it, and how to keep it safe.

When choosing an NFT, you could consider purchasing a budget-friendly NFT or consider gifting partial ownership in a valuable one. Platforms such as Fractional allow for fractional ownership in rare and expensive NFTs.

How To Gift NFTs

Giving an NFT is very similar to giving someone cryptocurrency. To get started, you’ll need the NFT, a cryptocurrency balance to pay transaction fees, and the recipient’s public wallet address.

1. Get the Recipient’s Public Wallet Address

2. Open Your Cryptocurrency Wallet That Holds the NFT

   Next, log into your cryptocurrency wallet that holds the NFT you want to give. Make sure to keep your wallet information private and secure, as anyone with the wallet’s password or private keys can access any currency and NFTs you own.

   Note

   To send the NFT, you will also need enough currency in your wallet to cover gas or transaction costs. In some cases, those network fees can be significant.

3. Prepare the NFT Sending Transaction

   Once logged into your wallet, navigate to the NFT and choose the option to send the asset to another wallet.

   Enter the recipient’s wallet address in the correct box. Your wallet software should confirm for you that the wallet is compatible. If it isn’t, don’t send the transaction. For example, if you’re sending an ethereum-based NFT, you can only send it to an ethereum wallet. You can’t send to a bitcoin or other wallet directly.

   Depending on the wallet and network, you may have an option to pay higher fees for a faster transaction or lower fees for a slower transaction.

   Note

   When you go through a transaction, the gas price is an offer or a bid to the network to hasten the transaction. If you offer too-little gas, your transaction may remain pending and not get verified for a long time.

4. Double Check the Details and Send

5. Depending on the wallet you have, the recipient may not get a pop-up or notification that the NFT landed in their wallet. You can do the fun part of letting them know they have a new NFT.

Where can I buy an NFT?

Non-fungible tokens or NFTs can be purchased using an NFT marketplace such as OpenSea, Rarible. Before purchasing an NFT, you will need to have a compatible cryptocurrency wallet and cryptocurrency funds to be able to purchase the NFTs. NFT prices can be decided through an auction or can be fixed. The value of an NFT depends on the demand for it. So an expensive NFT appreciate further or lose value over time. Keep that in mind before deciding to purchase an NFT.

How to gift an NFT

Buying an NFT as a gift is not as simple as heading to the store and picking up a scented candle. Just as you wouldn’t buy a random piece of art because you wanted to own «art,» you’ll need to find the right NFT.

1. Find the NFT you want to buy and create an account. There are several NFT platforms, including Rarible, OpenSea, Nifty Gateway, and Mintable. It can be a bit daunting when you first log on, so try searching for specific themes that reflect your recipients’ interests.
2. Buy Ethereum (or the cryptocurrency your NFT is trading in). Most top cryptocurrency exchanges sell Ethereum and make it easy to deposit normal money like U.S. dollars.
3. Set up a crypto wallet. There are a number of external crypto wallets, but Metamask is the most common. Move your crypto from the exchange into your wallet. Then you can connect it to the NFT platform and buy the NFT of your choice.
4. Transfer the NFT to the recipient. You’ll need to ask them for their wallet address, which will either be a long string of letters and numbers or a QR code. If they don’t have a wallet, you might need to set one up for them.

If the idea of wallets and transferring assets sounds overwhelming, you could instead gift someone their own cryptocurrency so they can simply buy the NFT themselves. If you’re shopping for an NFT lover, but don’t know a lot about the NFT market, there are other options. For example, they might appreciate a digital frame to display their NFT collection. Or a hardware wallet to securely store their assets.

All in all, NFTs could make great gifts this holiday season that people will remember for years. Buying one as a gift could also be the start of your own journey into digital collectibles. Beware though — as Crypto Baristas’ Hunnewell told us, it could be addictive: «Once you get into the NFT world, it is tough to get out, and that is a good thing!»

What Are The Different NFT Gift Ideas?

Here are 12+ best NFT gift ideas that you can use right now. Just go through each of them and select the best for you.

1. Digital Photo Frame

2. NFT Books

If your NFT artist friend is new to NFTs, there are several books that can serve them well. NFTs for Beginners, Mastering NFT, and The Empowered Artist all give insight into creating and successfully selling NTFS for profit. If they’re ready to break into the world of NFTs, any of these books can help.

3. NFT Jewelry

The NFT debate is now running through the market for diamonds and luxury jewelry. Royal jewelers Asprey plans to issue NFTs. The diamonds Icecap is selling as NFTs include “investment-class” diamonds, offered between $5,000 and $15,000, and rare pieces, such as a necklace featuring a 70-carat diamond offered at $3.6 million and a ring featuring a rare purplish-red diamond offered at $3 million. This seems to be the perfect NFT gift for females.

4. Digital Canvas Display

Even better than a desk photo frame for displaying digital art is a large canvas digital art canvas display for your NFT enthusiast’s wall. Choose from landscape or portrait orientations in a variety of frame sizes and styles to allow your NFT enthusiast to show off their NFT investment.

5. Crypto Shirts

Your crypto nerd is bound to attract the attention of other crypto nerds while wearing a crypto-related shirt. Choose from an Ethereum HODL, In Crypto We Trust, Ethereum, or Bitcoin to the Moon to let your crypto nerd express their special brand of nerdom in their wardrobe.

6. Metal Seed Phrase Storage

There are some things best kept offline, and word recovery phases are among those items. Paper can burn or rust, but metal endures, which is why anyone in your life that uses these phrases in their online crypto wallet will appreciate one of these metal recovery seed wallets.

7. Bored Ape Yacht Club Merch

The Bored Ape Yacht Club apes are especially cool, and they show up on some interesting merch. Surprise your BAYC fan with a Mutant Ape Yacht Club #13748 t-shirt, a scroll poster featuring one of their favorite Bored Apes, some of their digital music like the BAYC NFT Rap, or a HODL BAYC #6391 notebook journal. 

8. Generative Art Books

the next one on the list of the NFT Gift Ideas is generative art books.

If you’re buying a gift for someone who is trying to create a unique NFT art brand for themselves, giving them a book on generative art computer programming may be just the thing they need. Check out Generative Art, Generative Design, and this other Generative Artbook as sources of inspiration.

9. CryptoPunks Merch

If the NFT fan in your life is a CryptoPunk enthusiast, they’ll be thrilled to sport their fandom with some CryptoPunk merch. Why not get them a Punk is Not Dead hoodie, an enamel CryptoPunk pin, or CryptoPunk t-shirt?

10. NFT Art

While art can be personal, it can also be interesting to give, especially NFT art. It doesn’t matter whether you know anything about NFTs or not. Your NFT-loving friend will be thrilled that you cared enough to explore their art world and gift an NFT to them.

11. Fund Their Crypto Wallet

Funding a crypto wallet is the new cash-for-Christmas in a crypto lover’s world. Services like Coinbase offer crypto gift cards that work exactly like retail gift cards. When your crypto-coin-lover visits the website where you bought the gift card, they can deposit the Bitcoins into their digital wallet. 

12. Hardware Wallet Mount

Hardware wallet mounts allow your Crypto devotee to mount and hide their Crypto devices in a safe place. CryptoCloaks 3D prints all their cloaking devices customizable and to order, which allows you to get exactly the right hardware wallet to mount to fit their unique needs. Alternatively, you have this steel bitcoin wallet to keep their crypto safe against all disasters. 

13. Ethereum Mining Rig

We have discussed almost 13 different NFT gift ideas. All of these ideas are best for gifting this new NFT trend. It is your choice to choose which one fits better for you. For females, NFT jewelry is the best option. However, if it is not for someone special, then it might be too costly for you.

Keep exploring our website to know more about NFTs.

Frequently Asked Questions

Q1. Can I Give An NFT As A Gift?

To give an NFT, you need to acquire an NFT. As NFTs are not fungible, they cannot be traded like cryptocurrencies. This means you will need to either create an NFT and upload it to a marketplace, or go to the marketplace and buy an NFT.

Q2. What Do You Buy An NFT?

NFTs include digital assets like digital artwork, music, videos, collectibles, or in-game assets that are unique and irreplaceable and fast becoming sought after as collectibles.

Q3. How Do I Gift My NFT To My Loved One?

NFTs are uniquely time-stamped and they memorialize the event and time and capture it in an image,” he said. “You can gift an NFT by purchasing it through an online marketplace. You’ll have to connect your existing wallet to purchase the NFT and then transfer it to your recipient’s wallet.

Is an NFT a good gift?

It can be hard to find something special for someone who has everything. Not only are NFTs one of this year’s big phenomenon, they are also unusual, and may even increase in value with time. Plus, there’s no supply chain issues when buying these digital items.

Our top crypto play isn’t a token — Here’s why

We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.

Vivian Fang, Associate Professor of Accounting at the University of Minnesota Carlson School of Management, says the two big benefits to NFT gifts lie in potential growth in monetary value and sentimental value. «If one happens to pick out a token with high growth potential, the value of an NFT gift can keep rising for years,» she said.

«NFTs are also quite novel to most so they make unique gifts, particularly for those who are tech-savvy. The sentimental value of such gifts is only going to compound as time goes on as people may still remember their first few NFT gifts decades down the line.»

However, Fang warned that many NFT projects could fail, making the market extremely speculative. The worry is that the gift you buy might become worthless in a few years.

Professor Drake agrees. «Whereas there is a lot of excitement (and press) regarding NFTs, it still remains to be seen whether this phenomenon has lasting power as an investable asset, or whether this is a pet-rock syndrome or tulip mania,» she said.

Some people have compared NFT gifting to giving someone a lottery ticket or scratch card. But it can be more than that. As long as the NFT has value for the recipient, it won’t be so important if it later declines in value. For example, if you buy a Michael Jordan NFT for a lifelong fan, they may be happy to own it regardless of what happens to the price.

How To Gift An NFT

If buying an NFT sounds like the perfect gift but you’ve never done it before, don’t worry; we’ve got you covered. This is how to buy, store, and give an NFT:

1. Find the NFT you want to buy and create an account:

Rarible, OpenSea, Nifty Gateway, and Mintable are some of the NFT marketplaces available. When you initially get on, it can be intimidating, so try looking for certain topics that suit your recipients’ hobbies.

2. Get the recipient address:

If the recipients 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. Be careful not to leave passwords or seed phrases in documents on your computer. Write them down on a piece of paper and store them in a safe, and create backups!

3. Confirm Gas Fees:

The fee’s value fluctuates depending on the market’s demand for that particular coin.

4. Double-check the information and send it:

If the thought of wallets and transferring assets seems daunting, consider giving someone their own coin so they can purchase the NFT on their own.

There are other possibilities if you’re shopping for an NFT fan but don’t know much about the NFT market. They might appreciate a digital frame to display their NFT collection, or a hardware wallet to hold their valuables in safely.

But if you have the knowledge or the patience to make it work, you can be that cool relative or friend that gives trendy NFT gifts for the holidays!

What you need to know before gifting an NFT this holiday season

Before you dive in and buy NFTs for all your nearest and dearest, be aware that they won’t be right for everybody. We touched on the possibility they could lose value, but there are some other factors to take into account.

1. Gas and transaction fees

Hemang Subramanian, Associate Professor of Information Systems and Business Analytics at Florida International University, says you should be aware of the fees. A lot of NFTs are minted on the Ethereum (ETH) network, which struggles with high gas fees.

Subramanian points out there are ways to reduce gas fees, but he also says they aren’t the only extra costs involved. «Additionally, NFT platforms charge anywhere between 2% and 12% as artist fee and platform fees for listing NFTs,» Subramanian warns.

2. The recipient will need a wallet

As Dan Hunnewell, founder of Crypto Baristas and Coffee Bros told us, it’s a good idea to make sure the recipient has a wallet and will understand the value of what they’re receiving. Crypto Baristas are hand-drawn characters that back the world’s first NFT funded café.

«You certainly don’t want your gift to fall flat on its face if you try and give something to someone they know nothing about,» he said. «If someone is already an NFT enthusiast or understands the concept, they may be a perfect candidate for an NFT.»

Not only will your recipient need a wallet, but there are a lot of different NFT platforms and it can be hard to transfer your assets from one platform to another. Finally, be aware that some wallets have age restrictions, so it might be difficult to give an NFT to someone who’s under 18.

3. Not all NFTs were created equal

There’s a whole host of different NFTs out there, from videos of sporting moments to plots of land in the metaverse. You’ll need to find the right NFT for each of your loved ones. For example, there’s no point in giving an NFT of a Whitney Houston song to someone who doesn’t even like her music.

4. Copyright and fraud

Moreover, there have been instances of NFT fraud where unscrupulous players mint and sell NFTs of an artist’s work without their permission. A spokesperson from Crypto.com told us,

«When individuals purchase NFTs they should carefully research the artist and the art itself as there can be situations where the NFT may not be genuine.»

5. NFTs have a bad reputation on environmental issues