Still shopping for a late Christmas gift for a business, associate, friend, or loved one who you know is super into cryptos or NFTs? I can tell you right off the bat for end-of-year tax purposes: There’s one really awesome reason why NFT makes a great Christmas gift, and that’s tax savings!
If you or your loved one are holding cryptocurrency at an unrealized loss at the moment (and who isn’t in this market, right?), selling some of it to realize the loss and then using the proceeds to buy or mint a nice, liquid, high exchange volume NFT using (ETH), (BNB), (SOL), (THETA), (FLOW), (CAKE), or some other smart contract cryptocurrency blockchain.
In 2023 NFT Is Almost Pure Potential On The Decentralized Computer
At today’s level of development of the smart contract ecosystem on some of these cryptocurrency peer-to-peer networks, non-fungible tokens are more than just Internet money with a cool picture and your own private keys to spend it or sell it at a later time. No, it’s far more than that now. It’s Internet money with a cool picture and your own private keys to program it, modify it, customize it, and turn it into anything you want that is digitally possible. That’s what really makes giving NFT one of the best crypto gifts you could give.
They’re like little stem cells of potentially living digital organisms that can create Ether out of their interactions with other smart contracts and decentralized autonomous organizations (or DAOs). They can then use that as their lifeblood to live and grow in the ecosystem. We’re talking about a Cambrian Explosion of artificial intelligence that is happening on this programmable money, smart contract, and distributed networks that the cryptocurrency sector has built. Even if it’s not anything that outrageous or sophisticated, you can give your loved one the crypto gift of an NFT that they can program any way they would like and customize into something really special.
Many NFTs Are Readily Tradable for Cash or Crypto Cash Equivalents
And check this: Even if your loved one never does anything as exotic with their NFT as turning it into a living digital monster that then becomes his own rival simulacrum in the cloud, like a computational era Frankensteinian tragedy— many NFTs make ready cash. Look around for NFTs minted in collections with a high daily trading volume. Be sure it’s on token exchanges that are reputable and don’t have any known issues with fake trading volume. (That can be a real problem out there in the cryptoverse).
That way you know the token can be easily sold for something pretty liquid like Ether, Bitcoin, or some other base unit of Layer 1 blockchain currency that is acceptable on any exchange for any other crypto you want at the day’s spot currency exchange rate. That way it can also be withdrawn easily and deposited as cash, good old U.S. dollars with your federally insured banking and depository institution.
You Can Make NFT As Basic or Specially Customized As You Want
So you can make NFT as basic or specially customized as you want. If you want a very basic non-fungible token, you can get any of a number of popular meme coins that have high resale value and daily trade volume, and have either a neat keepsake or some easily changeable monies handy as dry powder in case there’s an arbitrage opportunity to go raiding.
Or if you want you can make your NFT do anything any computer program can do. It’s literally an executable file format and computer network architecture for holding files on an open-source, distributed database. Your NFT could be the next Google if you program it to start indexing useful pages people want to search for, or the next YouTube if you program it to start facilitating video uploads and views, or anything else you can imagine that a computer can do!
How to Give Crypto As A Gift Using Coinstats Coin Tracker
You can use Coinstats Coin Tracker to securely connect crypto portfolios from just about anywhere cryptos are held and traded. Crypto traders and investors love to use this crypto app tool to track and execute orders for their crypto portfolios all in one place. Using Coinstats App to give crypto as a gift, you can connect any exchange or custodian account to the Coinstats portfolio tracker, and use the seamless, DeFi-all-in-one-place app to send your crypto gift to your business associate, friend, or loved one.
If you share the same house as your gift recipient, you could even pick a service they don’t use to keep their crypto, use that to mint or purchase your NFT, then connect them together on the Coin Tracker app so you and your loved one can access all your tokens in one secure app.