The hands are holding NFT. The stock photo is from the stock photo service.
The stock photo is from the stock photo service.
Instead of giving someone a gift card for Christmas, why not give them an NFT?
It's unique. It's trendy. Its coin.
An NFT adds more value. Kosala Hemachandra, the founder and head of MyEtherWallet, said that it adds a little bit of emotion to it because you know something about that person.
Hemachandra said you can find the perfect piece of digital art for the nature enthusiast, robot-obsessed or art lover in your life.
NFTs are pieces of digital art that are notfungible and have been in demand by people this year. Beeple's $69 million sale of "Everdays" is one of the reasons the market is set to hit a new high.
How do you give an NFT?
You will need to spend a minimum of $200-$500 on your gift. Hemachandra said that the red-hot transaction fees on ethereum tack on a big price tag just because the NFT might be a meager $10.
Take a look at one of the popular NFT marketplaces and browse some collections. OpenSea is a popular site for NFT sales.
Once you've decided on a piece, the easiest way to buy an NFT is with a coin wallet, which can be set up with an app like MEW or MetaMask. Many popular exchanges have wallet services. If you want to purchase any amount of ether, you have to purchase it on an exchange and then transfer it to your wallet.
If the recipient doesn't have their own wallet for you to transfer the NFT to, you can set up a wallet for them and give them the details after you give the gift. The recipient can claim the NFT by phone or email. Hemachandra said that this goes against the idea of "decentralization".
Hemachandra said to explain what the gift is when the new person unwraps it. If you ever decide to sell it for a higher price, you can say, "This is for you; you own it, and if you ever decide to sell it for a higher price, you can go ahead and do that."
He said that the more likely scenario is that one person will give another person a piece of digital art. Hemachandra believes that NFTs will become a common Christmas gift within the next five years.
Business Insider has an original article.
