Forget gift cards. Here’s how to give the gift of crypto and buy someone an NFT for the holidays this year. | Currency News | Financial and Business News

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Hand holding NFT against purple background.Getty Images Stock Photos

  • In the market for interesting holiday gifts? Maybe think of unique digital art.
  • Kosala Hemachandra, co-founder of MyEtherWallet, states that NFTs are valuable and can be sentimental.
  • He added that over the next five years, NFTs could become a more mainstream Christmas gift.

What about NFTs instead of giving someone cash or a gift card this Christmas?

It’s unique. It’s trendy. That code.

NFT “adds that added value. I know something about that person, so I add a little bit of emotion,” said Kosala Hemachandra, co-founder and head of MyEtherWallet (MEW). ..

Hemachandra, the creator of the NFT project ETH Blocks, said he can find the perfect digital art for nature lovers, robot enthusiasts, or art lovers.

This year’s people are looking for NFTs, or irreplaceable tokens, that are part of digital art created on the blockchain. The market is expected to reach a record $ 17.7 billion by the end of 2021, boosted by Beeple’s $ 69 million sales of “Everdays” and mega-sale of products such as the Metaverse hype.

So how do you give an NFT?

For one, be prepared to spend at least $ 200- $ 500 on your gift. Hema Chandra said Ethereum’s ferocious transaction fees are a big price tag just because the NFT itself could be as little as $ 10.

First, take a look at one of the popular NFT marketplaces and browse through several collections. OpenSea is a popular site for selling NFTs, and items can be filtered by price.

Once you’ve focused on your work, the easiest way to buy an NFT is to use a cryptocurrency wallet that can be set up in apps such as MEW and MetaMask. Many popular crypto exchanges like Coinbase and Kraken also have wallet services. You need to buy Ethereum on the exchange and then move the cryptocurrency to your wallet (Ethereum is trading for about $ 4,020 as of Friday afternoon, but you can buy whatever you like).

If the recipient does not have their own wallet to forward the NFT, or is not familiar with cryptography, you can set up a wallet for the recipient to forward the NFT and provide the details after you specify it. gift. Recipients can also request NFTs by phone number or email. However, Hema Chandra said this goes against the concept of “decentralization.”

When a cryptocurrency beginner “unpacks” a gift, he takes a simple approach to explain what it is, Hema Chandra said. “This is for you. You own it. If you decide to sell it at a higher price, you can go ahead and do it.” can do.

But a more likely scenario is one crypto enthusiast giving digital art to another crypto enthusiast. But within the next five years, Hema Chandra sees NFTs as a more common Christmas gift.

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