In this article, you will learn how to give NFT as a gift. If you have a friend or family member excited or curious about NFTs, giving one away as a gift could be a fun choice for their birthday, the holidays, or any other time of the year.
How to Give an NFT as a Gift?
Giving an NFT is very similar to giving someone cryptocurrency. To get started, you'll need the NFT, a cryptocurrency balance to pay transaction fees, and the recipient's public wallet address.
- Get the Recipient's Public Wallet Address
Start by getting the recipient's public wallet address and confirming the details. If an NFT is sent to the wrong address or an incompatible address, it may be lost forever. Wallet addresses are shared as either a string of alphanumeric text or a QR code.
- Open Your Cryptocurrency Wallet That Holds the NFT
Next, log into your cryptocurrency wallet that holds the NFT you want to give. Make sure to keep your wallet information private and secure, as anyone with the wallet's password or private keys can access any currency and NFTs you own.
- Prepare the NFT Sending Transaction
Once logged into your wallet, navigate to the NFT and choose the option to send the asset to another wallet.
Enter the recipient's wallet address in the correct box. Your wallet software should confirm for you that the wallet is compatible. If it isn't, don't send the transaction. For example, if you're sending an ethereum-based NFT, You can only send it to an ethereum wallet. You can't send to a bitcoin or other wallet directly.
Depending on the wallet and network, you may have an option to pay higher fees for a faster transaction or lower fees for a slower transaction.
-Double Check the Details and Send
Because there's no reverse option for blockchain transactions, double-check that your transaction details are correct. Maybe even triple-check to be safe.
Once you're certain everything is accurate, click the button to send the NFT. This broadcasts the transaction to the network of computers supporting the blockchain for confirmation.
- Verify Receipt on the Blockchain
Because blockchain transactions are public, you can view the transfer while it's in progress and confirm that the NFT has landed in the correct wallet when the transaction completes. You can do this using a free blockchain explorer, such as Etherscan.
Creative Gift Presentation Ideas
Because you can't put an NFT in a box and gift wrap it, you may want to come up with other fun or creative ways to present the NFT to the lucky recipient. Here are a couple of fun ideas to choose from:
Gift with a hardware wallet: If the recipient doesn't have one, you can load the NFT into a hardware wallet and give them the wallet and NFT all at once. Ledger wallets are relatively low-cost among cryptocurrency hardware wallets and come with NFT support.
Print a copy to physically deliver: You can print a page showing the NFT along with instructions to access it or a note requesting their wallet address.
Bottom Line
If you own an NFT that's gone way up in value, gifting the NFT could save you on taxes compared to selling it and keeping the cash yourself. But mostly, giving an NFT is about engaging with your friend or relative in a fun way using exciting technology. This article is about how to give NFT as a gift.
