We have enough sweaters. No one wants physical media anymore except vinyl, and good luck if you’re not an Adele fan. Giving someone an experience like a restaurant gift certificate sounds like a good idea, but have you seen these variations spread?
So don’t like it, this holiday season you might have no other choice but to gift DTV to your loved ones.
All kidding aside, the popularity and value of non-fungible tokens has exploded this year. But not everyone has signed up, and a lot of people are still not quite sure what NFTs are.
Give a unique digital gift
NFTs stand for non-fungible tokens, which are unique digital assets and cannot be replicated, and are stored on a blockchain, which is a decentralized and shared database.
An NFT can be a piece of music or a movie, but right now the NFT craze is about unique digital artwork, like a portrait of Edward Snowden that sold for $ 5.4million. dollars. Like Bitcoin (BTSC) , or like investing in analog artwork, NFTs can rise in value and become a popular item among investors.
How to gift NFTs and Crypto
Because NFTs attract attention for capturing sales amounts, they’ve earned a reputation as the plaything of the ultra-rich and tech-obsessed, but a former Google scientist is looking to level the playing field by making them more accessible to everyone. .
Hossein Azari is the CEO of the decentralized crypto platform CMORQ, “a safe, secure, and easy-to-use service,” he says, which you can use to buy and trade NFTS and cryptocurrencies like bitcoin.
The main thing you need to buy and donate NFTs is a digital wallet, which is software that you can use to store your assets online. Typically, you can set up your digital wallet when you sign up on a crypto exchange platform like OpenSea or CMORQ, which Azari says will soon be connected to the market.
“NFTs are uniquely time stamped and they commemorate the event and time and capture it in an image,” he said. “You can offer an NFT by buying it from an online marketplace. You will need to connect your existing wallet to purchase the NFT and then transfer it to your recipient’s wallet.
If that sounds complicated, Azari insists that whatever you gift will get used to it. “You don’t need to know blockchain, you just need to appreciate the art and get a wallet, which anyone can do if they have internet access.”
You get an NFT! And you and …
He expects NFTs to be a very popular giveaway this year, and CNBC recently reported that Millennials and Gen Z plan to spend thousands of dollars on cryptocurrency giveaways.
So if you’ve got someone in your life who isn’t sure about all of this, Azari says now is the time to introduce them to the wonderful world of cryptocurrency. At the very least, they will at least be surprised.
“There is always a first, and telling the world about new technology is the best thing we can do to help them change lives.
If you don’t have the cash on hand to spend thousands of dollars on an image of a jaded primate for your loved one, Azari says his platform offers NFTs under $ 25, designed by the artist Sara Nemati “to help more people learn and join space”
He adds that “there are a lot of NFTs under $ 100, it’s also great to browse the collections just like you would in a gallery. There is probably an NFT that matches everyone’s personal preferences. You can see a wide range on OpenSea or follow the trending collections on Instagram or Twitter. “
If you are a big spender and extremely generous, you might be happy to know that while the IRS will generally tax giveaways over $ 15,000, it has yet to issue specific guidelines on DFTs.
Yes, you can re-donate an NFT
While they’re not sure what NFTs are, it’s a gift that at the moment is a bit more unique than a Starbucks gift certificate. What if the person you’re getting it for just isn’t in it? Well, Azari says just like a tie or a book, you can still swap it.
“Yes, our product and others support its transfer and you would even be able to list them in the markets to sell them,” he says. “You need a buyer though! “