Young investors plan to spend thousands of dollars on cryptocurrencies at Christmas
During the holiday season, young investors are spending big on NFTs, cryptocurrencies, and other digital assets to give away.
The truth is that interest in digital assets has increased this year, with the new generation of investors leading the way.
The value of the cryptocurrency market briefly topped $3 trillion in November, with major currencies including bitcoin and ether hitting all-time highs, Cnbc reported.
Other digital assets, such as non-fungible tokens, or NFTs, also rose in value. In November, the OpenSea NFT market surpassed $10.000 billion in total volume.
NFT demand for art, music, and game assets, such as digital parcels in the metaverse, skyrocketed.
Digital land and art NFT for the family
Cynthia Gentry plans to give away an NFT of digital land for her sister and parents to share in the metaverse. It could cost thousands of dollars, depending on factors like metaverse gameplay, demand, and size.
The 23-year-old from San Antonio sees NFTs as assets that will appreciate in value over time. "It's funny, I don't think I even have a budget," he says. "It doesn't look like I'm spending any money, [I'm] just putting my money away in a different asset."
For her mother and sister, Gentry plans to buy collectible NFTs from projects like World of Women and Crypto Coven that aim to empower women. Although she is not sure how much she will spend, each collection has a minimum price, which is the lowest price available.
The World of Women collection, which consists of 10.000 generated works depicting drawings by various women, has a current minimum price of 1,95 ether, or $7.275. The Crypto Coven collection includes 9.999 different witches and has a minimum price of 0,19 ether, which is about $709.
It also plans to buy NFTs from artists like Lana Denina, whose popular Mona Lana project has a minimum price of 0,24 ether, or about $895.
For his father, Gentry plans to get a Ledger Nano hardware wallet, which ranges from $59 to $119, or an NFT from a project with a "fresh and interesting roadmap," says Gentry. He also hopes to pay for an online blockchain coding course for her, because he “likes freebies that can broaden his experience in some way.”
Gentry's sister, Imani, also plans to buy all of her NFT family members for Christmas. She is budgeting at least 2,5 ethers, or about $9.327, in total.
“I personally think digital gifting will be the norm and [part of the] future because of how accessible it is,” says the 19-year-old. “I wish this existed earlier, honestly. It saves time and wrapping paper and is cooler, in my opinion.”
For her mother, Imani, who is also in San Antonio, plans to buy a World of Women NFT, she says. “My mom sold hers in January so I could go to college. I'd like to return the favor."
Give friends their first digital asset
San Francisco-based Anisha Sunkerneni is looking forward to gifting close friends and family with her first digital assets, including Ethereum Name Service (ENS) domains and NFTs.
“Even more than NFTs, I think an ENS domain has the potential to be really tied to your personality and on-chain profile,” says the 26-year-old. "Getting the ones you want is pretty special."
The ENS creates a domain, such as “.com”, for the Ethereum blockchain that represents an investor's cryptocurrency address. An ENS domain name appears as something like “YourName.eth”, rather than the random string of letters and numbers that your wallet usually signifies.
ENS domain prices vary. One with five characters or more costs $5 in ether per year, while one with four characters costs $160 in ether per year, and one with three characters costs $640 in ether per year, according to the ENS Domains website. Three and four character ENS domain names cost more due to the smaller number available.
Sunkerneni was introduced to crypto this year, but “I see how big and important this space is becoming, and I want to attract those I care about,” he says. “Giving away cryptocurrencies and NFTs sounded like a natural choice.”
'I think digital assets are extremely valuable'Allison Reichel plans to send her family and friends the equivalent amount she would normally spend on gifts or cryptocurrency gift cards, but only if they are interested in receiving them.
"I think digital assets like bitcoin are extremely valuable and represent many elements of both free markets and free choice, which means it's important that individuals choose to participate in these markets and don't feel pressured to do so." affirms this young woman of 24 years.
Reichel, who is based in Austin, Texas, plans to give away a mix of bitcoin, Ethereum, and Solana. Bitcoin is currently trading at around $46.953, according to Coin Metrics, but it is possible to buy fractional units called satoshis. Ether is trading at around $3.731 and SOL at $160.
“I like to try and stick with assets that I think are going to last a while and hold their value, so while meme coins are fun, I don't really look there much,” says Reichel.
'NFTs as gifts will be novel for years to come'
Los Angeles-based Cooper Turley plans to spend about $10.000 on NFTs to give away. The 26-year-old is also excited to give away ENS domains as a way to "welcome them to Web3," which is the decentralized iteration of the internet that powers blockchain-based applications like NFTs.
“I've bought a few music NFTs and I've been shopping on [the platform] Nifty Gateway for old NFTs from prominent creators that could be a nice gift,” he says.
Turley believes that "NFTs as gifts will be a novelty for years to come."
"The price of most NFTs is high enough that they feel like a high-end gift, and for people who don't have NFTs, these gifts feel more memorable since they're often a first," he says. .
Miami Daily
Author: MiamiDiario PD 2:49 pm