Why You Should Consider Giving NFTs As Gifts
Main Takeaways:
If you have a friend or family member curious about NFTs, giving one as a gift could be a fun choice for their birthday, special occasions, or any other time of the year.
NFTs are a neat way to introduce your friends and family to the NFT and crypto space.
Discover fun and unique digital gifts suitable for any time of the year on Binance NFT.
Make gift-giving personal, unconventional, and a little playful this year by thinking outside of the box. Whether you want to impress your NFT-loving friends or introduce your family to the wonders of the metaverse, NFTs are a great gift option no matter the occasion.
Keep on reading to learn how you can step up your gift-giving game with NFTs, the factors you should consider before gifting an NFT, and how you can give one to someone else.
Do NFTs Make Good Gifts?
NFTs are still fairly new to most, so they make trendy, unique, and unconventional gifts. Especially for those who are tech-savvy and want to dip their toes into the NFT space.
Some might compare gifting an NFT to giving someone a unique collectible item, but it can be much more than that.
The sentimental value of such a unique gift will only grow as time goes on, as people may still remember their first NFT gift for years to come.
As long as the NFT holds value for your gift recipient, it won't matter as much if it declines in value.
For example, if you get a Mike Tyson Mystery Box for a fan, they might be happy regardless of what happens to the price.
What You Need To Know Before Gifting An NFT
Transaction fees
Before you dive into buying NFTs for all your nearest and dearest, you should be aware of transaction fees. On most NFT marketplaces, every time you buy, sell, or send an NFT to someone else, you will be charged a transaction fee. These fees cover the computational expenses of processing and validating blockchain transactions.
For most blockchain networks, transaction fees are reasonably affordable. But, depending on network traffic, they can get expensive.
Lastly, sale fees and royalties. If your giftee sells their NFT, the marketplace will charge a service fee. They may also need to pay a royalty fee to the creator if they decide to sell their NFTs in the future.
For more information, read our FAQ on What are the NFT Transaction Fees on Binance.
Set up crypto wallet
It goes without saying that an NFT enthusiast or your crypto-loving friend might be delighted to receive an NFT as a gift. But, how about the rest of your friends and family?
In this case, buying an NFT gift for your loved ones could be a great way to introduce them to the world of crypto and NFTs. It's likely that they have already heard of crypto, the metaverse or NFTs, but chances are most of them don't understand how these things work.
To receive your NFT gift, your recipient will need a crypto wallet. So, it's a good idea to help them set one up. Ideally, the gift recipient should have a basic understanding of how crypto wallets work.
Not all NFTs are created equal
There are many NFTs in the market, from plots of land in the metaverse to highly sought-after in-game items. With so many new collections dropping each day, the best way to find the right NFT for each of your loved ones is from reputable NFT marketplaces, such as the Binance NFT Marketplace.
The great thing about NFT gifts is that you can align the gift to the recipient's favorite creator or hobby. After all, there's no point in giving a Trey Songz Mystery Box to someone who doesn't even know his music.
How To Gift An NFT
Create a Binance account and top up your Binance spot wallet with BNB, BUSD or ETH. These are the three accepted cryptocurrencies on the Binance NFT Marketplace.
Find the NFT you want to purchase.
Double-check that your transaction details are correct and complete your purchase.
Transfer the NFT to your giftee. You'll need their wallet address, which will either be a long string of letters and numbers or a QR code.
Verify receipt on the blockchain to confirm that the NFT has landed in the correct wallet when the transaction completes.
For more information on how to purchase NFTs, check out our blog post on How to Buy NFTs in 4 Easy Steps.
Thoughtful Ways You Can Present Your NFT Gift
It may be difficult to put an NFT in a box and gift wrap it, but it doesn't mean you can't come up with other thoughtful ways to present the NFT to your giftee. Here are a couple of ideas to choose from:
Gift with a hardware wallet: this is a great option if your giftee doesn't have a hardware wallet. Plus, you have the extra assurance that the hardware wallet will keep their NFT safe and secure.
Print the NFT and frame it: for those who like to DIY or add a more personal touch to their gifts. You can print the NFT and deliver it with instructions on how to access it.
Conclusion
If you were struggling with finding a unique present, NFTs could make great gifts for any time of the year. Buying one could also be the start of your journey into the world of NFTs. So get a head start on gift prep with Binance NFT today!
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DISCLAIMER: NFTs are an emerging asset class that is still evolving. The information in this article should not be construed as investment or financial advice. Always do your own research before making any decision to buy, sell or trade NFTs.