Non-fungible tokens (NFTs) are all the rage. From digital kittens to collecting sports trading cards, NFTs delve into mainstream culture. NFTs allow users to own rare digital artifacts over a blockchain network that supports cryptocurrencies. All forms of art, tweets, music, GIFs, and other such digital assets can be owned through NFTs. The possibilities for buying and selling digital assets are endless.
People are bidding for thousands to own these collections, some even selling for millions. According to a recent report by Cointelegraph, it has spent more than $ 9 billion on NFT sales and is expected to reach $ 17.7 billion by the end of 2021.
Holidays are approaching. With the enthusiastic emergence of NFTs, we can hear a lot from friends and family who are fascinated by the possibility of buying NFTs as a form of investment. Here, we will explain why and how to give NFT as a gift.
(If you want to know more about NFTs, take a quick detour to this detailed explainer and come back.)
NFT for everyone
Gifts can be clothing, jewelry, real estate, art, etc., but what if you could give them all digitally? NFTs are basically digital files with ownership. All digital formats such as works of art, sports cards, memes, videos and audio are covered. These were once “tokenized” and can be purchased, sold, or even gifted.
You can send fashionable NFTs this holiday season. Like the design of viral sneakers hand-painted by RTFKT and Indian fashion designer Manish Malhotra.
There are multiple virtual platforms where you can buy digital replicas of Gucci, Dolce & Gabbana, Louis Vuitton and other major clothing.
If you know someone who is particularly interested in real estate, there are some good news on your way. It is also possible to purchase and donate digital real estate. The sale of Canadian artist Christa Kim’s virtual “House of Mars” traded for $ 500,000 in the non-alternative token market, indicating that the concept is no longer gamemanship and has become a serious investment.
NFTs have become a hot topic in the sports world. Today’s card collectors are turning their attention to Sports NFT, which provides proof of their own ownership of videos, photos, or other digital captures of key moments in the history of sports. So instead of giving a physical trading card, you can give a digital card of your favorite player such as Virat Kohli, Rohit Sharma, Leonel Messi.
How to give an NFT (step by step guide)
Buying an NFT sounds like a perfect gift solution, but if you’re new to it – don’t worry as we cover you. This section describes how to purchase, store, and give gifts to NFTs.
Step 1: Create a wallet
The first step is to create a cryptocurrency wallet and add crypto coins to it. Please note that most NFT marketplaces only accept Ethereum (ETH).
Cryptocurrencies store private keys that give users access to cryptocurrencies. This allows you to send and receive cryptocurrencies such as Bitcoin and Ethereum. Please note that the coins are stored on the blockchain and you need a private key to allow the transfer of coins to someone else’s wallet.
You can use this wallet to pay for blockchain gas. More on that later. For now, see how to download wallets such as Coinbase, Exodus, Ledger Nano X, etc.
Step 2: Select NFT Marketplace
There are several marketplaces available, each with slightly different features, such as the assets it offers.
Platforms such as OpenSea and SuperRare display all types of NFTs, from art-based tokens to collectibles to gaming NFTs, while other platforms such as Larva Labs and CryptoPunks have a niche focus.
Therefore, you should choose the NFT Marketplace depending on what you are giving.
Step 3: Connect the wallet
To start your purchase on the NFT Marketplace, you need to connect your crypto wallet to your platform via middleware such as Metamask Wallet.
You can use this wallet to pay for blockchain gas. More on that later. For now, visit metamask.io where you can download the app and add Chrome extensions. Once you have Metamask installed, all you have to do is link to the marketplace to continue.
Step 4: Find a gift
Once you’ve found the right marketplace, set up an account and start your purchase. Most NFT marketplaces work like eBay. In other words, you need to bid to make a new purchase.
Some NFT marketplaces also have a “buy now” option, so you can be confident that you can buy the item.
Navigate the NFT platform to find the collection you are looking for and enter your search term in the bar at the top of the page. You can also use Buy Now to specify the type of sale you are interested in.
Once you’ve found an NFT and clicked to buy it, you need to think about gas prices. A blockchain transaction is required to purchase an NFT. Therefore, you will be asked to pay the gas fee. Send some Ether to Metamask and you’re ready to go. “Gas charges” are transaction fees paid by users to incorporate smart contracts into the blockchain.
The value of the fee will vary depending on the demand rate of that particular cryptocurrency in the market
Transactions on the blockchain must be processed on the network. It may take some time to reach the wallet. But when you get there, you become the exclusive owner of that NFT.
Step 5: Send a gift
Now it’s time to send your gift. Please note that the recipient must have a cryptocurrency wallet to send an NFT.
If the above conditions are met, simply go to the NFT visualization page you want to send and you will be given the option to “forward” the NFT.[転送]Click the option and you will be prompted for a public address.
Enter the recipient’s public address and an NFT will be sent. When giving an NFT, make sure you have entered the recipient’s wallet address correctly.