Are you wondering “Can You Gift an NFT?” Many more tech-savvy netizens like you want to gift NFTs to their loved ones and friends.
Non-fungible tokens (NFTs) are slowly becoming the mainstream choice for investments and collectibles for Gen Z and netizens.
You can gift an NFT to anyone with a compatible cryptocurrency wallet via the digital asset transfer option. Thus, NFTs have become sophisticated gifting ideas. Continue reading to learn the NFT gifting process.
Can You Gift an NFT?
Yes, you can gift an NFT! The gifting process is smooth if the recipient owns a crypto or one of the best NFT wallet that supports sending and receiving these assets. Otherwise, you’ll need to create a crypto wallet for the recipient and explain the process to them.
Most Web 3.0 wallets support NFTs from blockchains like Ethereum, Solana, Tezos, Cardano, etc. However, it’s worth checking before transferring the gift.
Once you know the wallet address of the gift recipient and the blockchains it supports, just transfer the NFT by paying a gas fee to complete the NFT gifting process.
As such, there are no straightforward gifting options for NFTs. Since the NFT ecosystem is still nascent, you won’t find eBay or Amazon-like gifting experience on OpenSea or Rarible.
How to Gift an NFT
Before you can gift an NFT to a friend or family member, you need the following:
- The NFT you want to gift
- Some ETH if you want to gift an Ethereum NFT
- Some SOL, XTZ, or ADA, respectively for Solana NFTs, Tezos NFTs, and Cardano NFTs
- The recipient’s wallet address
Once you arrange the above, follow this step-by-step guide when you want to gift an NFT:
Step 1: Get and Confirm the Donee’s Wallet Address
Ask your friend or family member for their crypto wallet address or public key. The address should be in a QR code format or a long string of alphabets and numbers.
Most wallet apps will let the user copy the wallet address in a single click. Ask the recipient to copy the address from the wallet app and then send that as is via any messaging platform like Messenger or WhatsApp.
Step 2: Access Your Wallet Where the NFT Is Available
Log in to your digital asset wallet and locate the NFT you want to gift to the recipient. You must also add sufficient cryptocurrency to pay for the NFT gas fees.
You can pay more ETH to prioritize the transaction or pay less ETH to choose a slower transaction settlement speed.
Step 3: Set Up the NFT Gifting Transaction
You should easily find the digital asset transfer button or paper plane icon in the upper right corner of the asset. Click on that and then enter the recipient’s wallet address or public key.
If you’re sending an NFT from the Ethereum blockchain, the donee’s wallet must be Ethereum compatible. Your wallet app will confirm whether the transaction is feasible or not once you enter the wallet address.
If it shows any error, abort the process. If it shows the transaction is compatible with the recipient’s wallet, only then continue.
Step 4: Verify the Details Before Confirming the Transaction
You won’t be able to reverse the NFT if you send it to the wrong or unknown wallet address. Hence, double-check the wallet address before gifting the NFT.
Step 5: Confirm the Transaction Status on the Respective Blockchain
Go to the blockchain’s public portal to see the transaction status: pending, complete, etc. Here are the resources you can use:
- For Ethereum – Etherscan
- For Tezos – TzStats
- For Solana – Solana Explorer
- For Cardano – Cardano Explorer
If the donee has enabled pop-up notifications on their wallet app, the app will chime in when the NFT reaches the wallet account.
You can also carry out this proud and fun part of informing the recipient that they’ve got an NFT as a gift from you.
Can You Gift an NFT Directly From the NFT Marketplace?
You can’t gift an NFT from a secondary marketplace. You first need to buy an NFT from the marketplace and then transfer it to the gift recipient.
If the donee doesn’t have a crypto wallet in the first place, you can buy a hardware wallet, like Ledger Nano and add the NFT to that wallet by buying it on a compatible NFT marketplace. Then, hand over the hardware wallet to the recipient to complete the NFT gifting process.
Costs Involved in NFT Gifting
When you want to gift an NFT to someone, you need to deal with the following costs:
- The cost of the NFT artwork that you want to gift
- NFT transfer gas fees to get the item to your wallet
- Secondary marketplace commissions
- Gas fees to send the NFT to the recipient
- Platform commission, if any, for the wallet app
- Device purchase cost if you’re gifting an NFT along with a hardware wallet
NFT gifting is a costly affair but the recipient will surely like your gesture.
Reasons to Gift an NFT
- The value of an NFT could increase substantially in the future, and the recipient can cash out the profit from secondary marketplaces.
- It’s easy to gift NFT online.
- A tech-savvy donee will appreciate your gift greatly.
- NFTs establish immutable ownership of artistic creations like artworks, music, and more.
What to Consider Before Gifting an NFT
Take the following into consideration first and then decide if you want to gift an NFT or not:
- The donee knows the value of an NFT.
- The recipient’s age should be 18 years or more.
- Create awareness about NFTs and cryptocurrencies before gifting them an NFT, if the recipient doesn’t know about NFTs. You can ask them to read this Why Are NFTs Valuable article as well.
- If the recipient has a crypto wallet other than Ethereum, then you must confirm the blockchain before buying an NFT as a gift.
- Inform the donee that they may need to pay a certain amount of tax if they sell the NFT.
- If the gift recipient is in a foreign country, find out if holding an NFT is legal or not in that country.