NFTs become Christmas gifts – The Cryptonomist https://ift.tt/3p6XWcf

NFTs will be among the Christmas gifts that Millennials and Generation Z will give and receive.

Why give an NFT as a Christmas present

With the explosion of the NFT market, it’s to be expected that the younger generation would decide to give alternative gifts that won’t end up under the tree because their nature prevents them from being wrapped.

And if someone doesn’t understand the point of gifting something virtual, visible only in the balance of a wallet, then it’s worth explaining a couple of things.

NFTs can be unique gifts. A bit like a hand-painted work of art, there cannot be another identical one, similar yes, reproduced yes, but equal and original no.

NFTs can also increase in value. Just like works of art. They can almost be an investment product.

That’s why giving them as gifts can be a great idea.

How to give NFTs as a gift

To gift NFTs you need a couple of things:

• an account on the platform where the NFT will be purchased;
• the cryptocurrencies needed to pay for it;
• a wallet compatible with the NFT’s blockchain.

There are many platforms. The best known are Rarible, OpenSea, Nifty Gateway but it is enough to explore to find many more.

You will need to have an account on that platform and make the purchase, most likely paying with cryptocurrencies. Then the NFT will be transferred to the recipient’s wallet.

This cancels out the surprise effect because the giver will have to ask for the recipient’s address. Or open a wallet from scratch and give it as a gift with a surprise.

Which NFTs to give? There is no shortage of choice here either. If you want to get an idea of what the most popular NFTs might be, just explore the appropriate sections of CoinMarketCap or CoinGecko. There is something for every budget.

Displaying an NFT

For those who are not convinced that NFTs are the right gift because they only fit in a digital wallet, there is an additional accessory: the NFT frame.

For example, Infinite Objects allows you to give a real digital picture frame to display the NFTs you have purchased. For those who were planning to give the famous NBA Top Shots, this frame is the ideal gift.

Crypto gifts help the sector grow

Christmas gifts have a potential: they can expand the audience of the crypto space. Gifting an NFT compels the recipient to have their own wallet, and to become familiar with concepts such as blockchain, cryptocurrencies, private keys and so on.

With this aim in mind, Coinbase has also given the opportunity to send cryptocurrencies as Christmas gifts with cryptocurrencies. By doing so, the exchange is trying to broaden the audience of users as well as cryptocurrency users, since it is necessary to be registered to receive the gift.

The same will be the case with Cash App, the app owned by Jack Dorsey’s Block, formerly Square, which will allow Bitcoin gifts.

This set of factors could have one consequence: increased demand. And increased demand in the crypto market usually has a consequence: increased value.