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NFT as a present for loved ones or as a reward for your employees
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The non-interchangeable token is gaining popularity all over the world. On the eve of the New Year holidays, the media reported that people started to buy tokens as a gift for their relatives and friends.
According to Cryptonews, in the first three quarters of 2021, the volume of NFT transactions increased by 328%, bringing the total volume of transactions to $2.5 billion. For comparison: in the first half of 2020, the volume of transactions reached $13.7 million. The pandemic and the growth in the number of blockchain games accelerated the mass adoption of NFT, increasing the total global market capitalization of non-interchangeable tokens to $7 billion, and it continues to grow. In its last report, Morgan Stanley noted that NFTs could become an independent dominant sector with a market volume of $56 billion by 2030.
In addition, NFT is a great gift that people will give to each other in the coming years. Depending on the rarity and demand, the value of NFT can grow significantly over time in price, as it happens with works of art and collectible wines. Moreover, giving an NFT is much easier than buying a physical gift. The cost of non-interchangeable tokens can be very democratic.
Therefore, it is not difficult to find an NFT for your budget, given that the token may grow in price over time. The possibility of using NFT as gifts is also discussed in museums around the world. According to RBC, the Director of the Hermitage Museum - Mikhail Piotrovsky does not exclude the creation of gifts in the form of NFT tokens. He doesn’t think that people will always have the pleasure of owning something. "The whole point is in this amazing sense of ownership, which could not be taken for many decades. You can't take it away from a human being, but you can make money on it," he concluded.
Why NFT can be considered a gift?
At first, it may be a bit difficult for recipients to deal with such a gift. If people are not familiar with cryptocurrency, they will have to learn terms like "wallet" and "keys", not to mention, they also have to understand what NFT means in general.
28-year-old Jessica Walker decided to give her relatives tokens for Christmas to educate them about NFT. "To understand a new technology, you need to get to know it personally," said Walker, who creates educational content for the CoinMarketCap tracking site prices for crypto assets. Its budget is about one Ethereum, or $4.1 thousand. Jessica's father and 25-year-old brother are football fans, so she is eyeing the products on the Autograph platform of American football player Tom Brady.
For a mom who likes to read the news, Walker is thinking about NFT from a collection created by the Associated Press news agency. According to the woman, her mother, who already has an account on the cryptocurrency trading platform Coinbase will appreciate this gift. However, her brother is a completely different matter. "My brother will look at me with a slight disappointment because I didn’t buy him something from food or alcohol," Walker complained. According to Paula Sanguino, a 36-year-old dental hygienist from North Carolina, she was very excited about the gift in the form of an NFT. At the same time, she had a lot of questions.
Sanguino received the web address paulas.eth from a friend. This domain name is like *.com or *.net, but it also works like NFT. You can send and receive cryptocurrencies through it. "Thank you! Is this a domain? What should I do about it? Can I sell it later? - remembered Sanguino how she bombarded a friend with questions. — I was confused when he sent me this." According to the woman, she spent several weeks trying to figure out why such a thing costs so much money.
A 30-year-old resident of Montreal, Nicholas Herbert, makes gifts in the form of NFS in memory of a recently deceased friend. Herbert, who works in the Canadian marijuana industry, together with two friends will give tokens to his friend's niece and nephew for Christmas as a sign of memory of him. "We know this is the gift he would choose to give this year," Hebert said.
Children who are just under 12 years old will receive an On Chain Monkey token. This NFT cost Hebert about $40 when he helped to create it, but now, according to him, the cost of the token is about $2-2.5 thousand. Children will also be presented with two NFS called Ballers, the creation of which costs $200 apiece. But currently, there is no trading platform for Ballers yet.
People give an NFT not just as a present for their loved ones. It’s also often used as a reward for their employees. For example, on Wednesday the 19th of May 2021 Bitwala company became Nuri and as it was a big day for them, their Co-Founder & CEO Ben Jones wanted to do something special to remember it.
“We also needed a way to reward the incredibly talented and hardworking people who invested hundreds of hours in making this a reality.” - wrote Ben on his Medium blog.
NFT as a reward in your company
And that’s becoming more and more popular to use NFTs as rewards in business - it becomes something like a medal or badge but just virtual.
In Mobile Reality, we also plan to send a rare NFT collection to all our employees on a company's Birthday Party day.
NFTs in business become popular also as a sign of respect after a good deal of cooperation. Here we can show as a good example an NFT’s that all of our #MRTeam members got from TuneGo - our long-term business partner.
The art and market of NFT open up new opportunities for you, your clients, employees, and other contacts. Physical presents and rewards start to annoy everyone and here NFT comes as something new, and special, and as a bonus, this present/reward grows significantly over time.