Why People Are Buying NFTs and Other Digital Assets as Gifts This Holiday Season?

Published on: December 22, 2021
Author: NAI500

Millennials, Gen Z Plan to Spend Thousands on Cryptocurrency, NFTs and Metaverse Land as Holiday Gifts

There is no denying the mounting interest in cryptocurrencies and digital assets. This year alone, the crypto market has ballooned to over $3 trillion, with coins like Bitcoin and Ethereum leading the pack. And it’s not just cryptocurrencies; the NFT market has surged as well, approaching $20 billion in total volume.

But why are people buying NFTs?

Forget busy shopping malls and gift wrap; with the holidays approaching NFTs are emerging as an unexpected trend, particularly with next-generation investors.

NFTs (non-fungible tokens) represent ownership of digital assets. Popular NFT categories include art, images, and in-game assets like unique characters or plots of land in the metaverse. And this year, people are buying NFTs to send to friends and family as gifts.

In a recent CNBC interview, sisters Cynthia and Imani Gentry spoke about their plans to gift everyone in their family NFTs this year. 23-year-old Cynthia is eyeing collectible NFTs from projects like World of Women, Crypto Coven and artists like Lana Denina, while Imani, 19, plans to buy her mother a World of Women NFT, which has a current floor (lowest available price) of 1.84 Ether or roughly CAD 9,215.

“Personally, I think sending digital gifts will be the norm and [part of the] future because of how accessible it is,” Imani says. “I wish this was a thing sooner, honestly. It saves time and wrapping paper and it’s cooler, in my opinion.”

Why Are People Buying Digital Art?

Despite the rising popularity of NFTs, many people fail to understand the value proposition offered by NFT ownership. Why would anyone want to buy NFTs that can be downloaded or copied for free?

Like everything that lives on a blockchain, NFT transactions are all permanently recorded. This tracking enables creators to profit indefinitely from perpetual royalties each time an NFT changes hands; for buyers, NFT ownership provides equal parts investment opportunity and bragging rights.

The Psychology of NFTs

NFTs are undisputedly valuable, with some fetching millions. Collectors liken owning an NFT to owning an original artwork – there may be reproductions and prints of Monet’s Starry Night, but there is only one original. An NFT provides proof of proprietorship, and even if anyone can view or copy the work, only one person can claim ownership.

Ownership of a free-to-see asset may not seem like a big deal, but the world’s top NFT creators have developed a massive following, with their offerings regularly commanding five and six-figure sums. A Beeple NFT sold $69 million in October 2020, and Canadian artist Michah “Mad Dog Jones” Dowbak sold a piece entitled Replicator for a cool $4.1 million.

So, while early NFTs were largely created by unknown artists, today’s top NFTs creators have become famous in their own right. Even celebrities like Snoop-Dogg, Paris Hilton, and Quentin Tarantino are trying their hand at minting NFTs. And this sense of exclusivity is part of what is drawing investors into the world of NFTs in droves – the ability to claim ownership of something everyone else wants, but only one person can own.

NFT buyers are not gaining an inherently unique item; anyone can view an identical copy of Beeple’s infamous Everydays – The First 5000 Days. However, the phycological idea of “top-down processing” suggests that an individual’s prior knowledge and beliefs can influence their perception; in the case of NFTs, ownership may influence how a person experiences the image or artwork

And then, of course, there is the financial aspect of investing in NFTs.

NFT Alert: Award-winning artist Chairman Ting’s Billion Buns collection will be listed on LastKnown.com

Already a leading North American blockchain development firm, Blockchain Foundry Inc (CSE:BCFN) is gearing up to make its NFT debut on its recently launched LastKnown NFT marketplace with a limited series by internationally acclaimed & award-winning artist Carson Ting.

Scheduled to drop on January 10, 2022, Chairman Ting’s “Billion Buns” collection will feature 888 unique NFTs documenting the lives of the “Buns,” a progressive and highly intuitive tiny species from planet bananas.

Leading up to the official release date, community events will be held, giving a few lucky LastKnown members the chance to win early access to buy a “Bun” before sales open to the general public. “Buns” will initially be priced at only 0.088 Ethereum, and 10% of all proceeds will be split equally between the UN Refugee Agency, the Greater Vancouver Food Bank, the BC Children’s Hospital & the Rabbitats Rescue Society.

About Chairman Ting

Ting is an award-winning artist and ex-advertising director with over 20 years of experience. He’s worked with a slew of big-name brands like Nike Jordan, Lexus, Sony, Vespa, Toyota, and more. His work has garnered him international recognition at Cannes, the London International Advertising Awards, One Show and New York Festivals, among many others.

About LastKnown Marketplace

Blockchain Foundry is shaking up the NFT market with the LastKnown Marketplace, a place where artists and content creators can come to experience a blockchain platform unlike another. This anything-but-ordinary multi-chain market will feature exceptional talent producing collaborative and sponsored NFTs – in very limited quantities.

Buy and collect NFTs on blockchains like Ethereum, Syscoin and more. Uncover drops and goodies hidden in every collection, visit LastKnown.com.

About Blockchain Foundry Inc.

Blockchain Foundry is a pioneering North American blockchain software developer specializing in the commercialization of blockchain-based business and consumer solutions, including digital asset infrastructure and NFTs. BCF also provides blockchain consulting services to corporate clients.

Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.

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