How to gift an NFT
Lets closely look at steps you need to accomplish to gift an NFT. There are 2 steps in general. The first step is to buy an NFT. The second step is actual "gift" process after you bought one.
How can I buy one?
NFT are traded at specialized marketplaces. Edgy Veggies NFT collection is listed at one of such marketplaces, called Open Sea. You are more then welcome to check it by clicking following link. Once you're there, follow simple instructions:
Find an NFT Veggie you’d like to gift by exploring the marketplace.
When you’re ready to make a purchase, simply click the “Buy Now” button.
You may be prompted by OpenSea to review a few details about your purchase before finalization. This is to ensure you know exactly what you’re buying and to help you avoid scammers creating similar, but not authentic versions of popular NFTs.
You’ll proceed to a checkout pop-up where you can review the final cost of your purchase. You’ll be asked to agree to OpenSea’s terms of service, then you’re free to click the “Checkout” button to finalize your purchase.
Hitting “Checkout” will open your wallet where you’ll get a final cost, no extra gas fees will be applied, as Veggies collection is on Polygon blockchain. Click the “Confirm” button and you’re the proud new owner of Edgy Veggie NFT.
To see the NFT in your wallet, return to your profile, and select “Collected” on the left side of the page. There might be a slight delay until it shows up due to processing time.
How to gift an NFT to another person?
Go to your profile page and select an NFT you'd like to gift from "collected" profile section. Click on selected item.
Press the transfer button represented by a little present icon in the top right corner of the main screen. The popup will appear. Type-in the wallet address/ENS name into the text input field. Press "transfer" button.
Once you have pressed the transfer button, you’ll get a separate window from your wallet that will open up. You will have to approve the transaction in your wallet. Once approved, the actual transfer will happen. The green checkbox and the text "you successfully transferred an nft..." will appear. The transfer is done once you see that confirmation message. That is basically it, you've just gifted an NFT!
The great thing about gifting an NFT PFP's is that it’s a cool method of creating additional income for the person you are gifting it to, as it can be sold at any moment.
NFT as a gift
Presenting an NFT as a gift is an exciting and innovative way to surprise someone special, and there are several reasons why it's considered cool:
Uniqueness: Each NFT is a one-of-a-kind digital asset that cannot be replicated or replaced. This makes the gift truly unique and personal, demonstrating thoughtfulness in your selection.
Digital Ownership: Gifting an NFT means giving someone verifiable ownership of a digital asset. The blockchain technology ensures the authenticity and provenance of the NFT, making it a valuable and genuine gift.
Future Appreciation: NFTs have the potential to appreciate in value over time, depending on the demand and rarity of the asset. Gifting an NFT can be seen as an investment in the recipient's future, as they may be able to sell or trade it for a higher value later on.
Supporting Creativity: Many NFTs are digital representations of creative works, such as art, music, or collectibles. By gifting an NFT, you're not only providing a unique present but also supporting the artist or creator behind the work.
Customization: The range of NFTs available is vast, with options spanning from digital art and virtual real estate to in-game items and tokens representing physical goods. This variety allows you to select a gift tailored to the recipient's interests and preferences.
Eco-Friendly: Unlike physical gifts, NFTs are entirely digital, reducing the environmental impact associated with production, packaging, and shipping. This makes NFTs a more sustainable choice for conscious gift-givers.
Trendsetter: Gifting an NFT shows that you're in tune with the latest technological and cultural trends. As NFTs continue to gain popularity, you'll be recognized as an early adopter and someone who appreciates cutting-edge innovations.
Can you gift an NFT?
Absolutely! Gifting an NFT is as simple as transferring the token from your digital wallet to the recipient's wallet. To do this, ensure that both parties have a compatible wallet that supports the specific type of NFT being sent. Many platforms facilitate this transfer process, making it easy to surprise someone with a one-of-a-kind digital asset.
Can you sell a gifted NFT?
A gifted NFT can be treated just like any other digital asset in your possession. Once the NFT has been transferred to the recipient's wallet, they have full ownership and can choose to keep, sell, or trade it on a suitable marketplace. This flexibility allows the recipient to decide how they want to enjoy their unique gift.
Does transferring an NFT cost gas?
Transferring an NFT does typically require gas fees since the process involves making a transaction on the blockchain. Gas fees are a necessary part of most blockchain-based transactions, compensating miners or validators for their work in processing and verifying transactions. The amount of gas required will depend on various factors, including network congestion and the complexity of the transaction. Keep in mind that gas fees may fluctuate, so it's essential to be aware of current fees before initiating a transfer.
Is gifting an NFT taxable?
Tax regulations surrounding NFTs and their gifting can vary depending on the jurisdiction. In some countries, gifting an NFT may be considered a taxable event, which could require the giver to pay a gift tax. Additionally, the recipient might be subject to taxes if they later sell the NFT at a profit. It's crucial to consult with a tax professional or research your country's tax regulations to understand the specific implications of gifting an NFT.