Traditional gifting to NFT gifting : A cultural shift

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The concept of gifting has changed over many years. From cattle and lands in the past to sweets and such in the present. But now that is changing too.

Many people are following the new trends in the cryptocurrency and NFT world. Many people seem to have overcome their apprehension. They have even gone beyond the mere transaction, which is seen in the widespread usage of NFTs.

NFT is the latest in the long list of cyber materials that shows how individuals, brands and corporations are leveraging blockchain technology. NFTs once were seen as collectables. Now it is also used as a gift.

Traditionally material gifts were given physical and are perishable. They will also lose value over time. Even the style of traditional gifting is under crisis because of the pandemic, which restricted physical contact.

Thus, the style of gifting was restricted towards the digital sphere, with gifts being digital assets. It is in this search for alternatives cryptos and NFTs emerge.

Many youngsters prefer to give gifts through these methods. They see these as better and easy alternatives, compared to the perishable and hard to find traditional gifts.

Even though many have apprehensions over it, there is a huge spike in demand and interest over NFTs.

Non-fungible tokens or NFTs are representations of digital ownership of an asset, such as pieces of art, memes, videos, images, audios, etc. One can find anything as an NFT. From the first tweet to Manish Malhotra’s hand-drawn sketch, anything is available in NFT format.

There are multiple benefits of gifting NFTs which outweighs existing e-gifting. These benefits are not just limited to the receiver, as the beneficiary includes the giver.

When buying an NFT the giver learns about the latest advancement in the tech space, i.e., blockchain technology.

At the same time, the receiver has received an asset class that will appreciate over time. The receiver will also earn a lifetime of royalty if they decide to sell it. It is also a status symbol. One that can be bragged about on social media.

Gifting an NFT are of two types. One is giving to the crypto owner, another who is not. For the owner, the giver can either top up their wallets, transfer their favourite NFT based on their interest or gift is based on utility.

For the non-owner, create a MetaMask wallet for them and help them buy an NFT. If the giver is not interested in that, they can simply transfer one to them and teach them how to list in the secondary market.

The combined total size of the Indian corporate and personal gifting market is ₹2,50,000 crores. At the same time, the online gifting industry in India is projected to hit $159 million by 2025.

That shows that NFT gifting can be a sizable parallel gifting industry.

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