The world is evolving, and so are the ways in which people trade, do things, and even celebrate! And with the virtual world becoming more and more real (see what we did there?) we can barely keep tabs! However, people always find ways to get creative, especially when it comes to NFTs. Now, did you find that an NFT gift could be more valuable than a list-minute physical gift? No jokes here! Here’s everything you need to know about NFT gifts and how to do it!
A Brief Stop at Holiday NFTs
Before we get into the act of giving an NFT gift and the how-tos, we wanna discuss the holiday NFTs! And although it’s easy to come by holiday NFTs, we chose to special projects that make you feel at home. First off, everyone knows the Macy’s Thanksgiving Day parade. That’s been a New York tradition since the 1920s. And now, you can own your personal Macy’s parade NFT to celebrate the holidays virtually!
Now, the second NFT is about a pop culture icon who made DIYs a thing and is a good friend of Snoop Dogg’s! If we didn’t know better, we wouldn’t have guessed that it’s Martha Stewart we’re talking about. The iconic businesswoman now has her own NFT collection, as she should. And what screams holidays more than Martha Stewart and her cookbooks?
How to Give an NFT Gift?
The idea of giving an NFT as a gift is pretty cool. It’s especially nice if the recipient is a collector or wants to start their own NFT journey. However, there are a couple of steps before sending the actual gift. Let’s check them out.
- Have A Crypto Wallet: To send an NFT gift, you’ll wanna own it yourself first. So make sure you have a crypto wallet to store your purchase in. And if you’re still new in the game and wanna impress friends, here’s how to buy NFTs.
- Choose the Marketplace: Before you choose the NFT, make sure you choose the marketplace you wanna purchase from. This also allows you to know how much you’ll be paying in gas fees, but we’ll get to that later.
- Know the Recipient’s Wallet Address: You can’t send an NFT gift without knowing the giftee’s wallet address. So if they don’t have one, maybe your gift could wait until they open one. And when you send the gift, make sure you type the address correctly. Why? Because NFT transactions are irreversible, so you’re stuck with that error.
Before You Give an NFT Gift, Keep This in Mind
First off, always keep in mind that there are gas fees you gotta pay in addition to the NFT’s price. So if you’re operating on a tight budget, you gotta factor that in. Second, if you live in the USA, you gotta mind the value of the NFT gift. You see, if that NFT is worth more than $16,000, you’re gonna get a tax from the IRS. So unless the gift is intended for a spouse, you gotta get tone it down a bit. We also recommend consulting with a tax expert because this all is still kinda blurry. And if you wanna read more on the subject, check this out.
Looking for More Than an NFT Gift?
Well, the holiday season sure is the time of the year when your imagination can run wild. So if you wanna expand your ideas, why not check out these awesome holiday kicks? After all, the sneaker industry is a great place to fish for gifts or even start a side hustle! But to do that, you gotta learn your way up the sneaker botting industry too. So here’s a guide that can give you some pointers. And if you wanna know more about it all, our blog is here to give you all the info and updates you need! Godspeed
