A guide to giving the perfect crypto gift this Christmas

Santa, baby – leave some bitcoin under the tree, for me…

A bitcoin in front of a white and red gift box                                 
Crypto gifts are looking to be a popular choice this year with one in 10 Americans giving cryptocurrencies to their loved ones. Photo: Shutterstock
                                

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The countdown to Christmas has started, which means the race is on to find the perfect presents for friends and loved ones.

There are the usual suspects, like the latest technology, cosmetics or a bottle of bubbly. But many are now choosing crypto gifts as stocking fillers.

Giving a digital-based asset as a Christmas gift might not be anything new to crypto veterans who have been buying friends cryptocurrencies for years.

One in 10 will give crypto

However, crypto gifts are looking to be a popular gift choice for Christmas 2021. A recent study from BlockFi found one in 10 Americans is planning to give crypto this year.

The secret to a successful cryptocurrency present, as with all gifts, is knowing the recipient’s interests. There is a reason why the phrase “it’s the thought that counts” is a cliché, as a considerate present will usually go down well.

A crypto-themed present may seem like a niche gift, but it can convey plenty of thought – whether it is an NFT of your friend’s treasured musician or a Socios token for your father’s favourite football club.

Digital with a physical extra

A selection of Funko Pop! figurines in a shop
A digital gift like a Funko Digital Pop! NFT has a physical extra – Photo: Shutterstock

Giving a crypto gift to someone unfamiliar with the industry is always a risk but there are crypto gifts out there that will avoid any awkward conversations about the point of NFTs.

NFTs that accompany real-world items are acting as a gateway for those new to digital assets. They are also a great way for non-crypto brands to get involved in the space.

Instead of buying a bottle of alcohol, why not consider The Alchemist’s latest NFTs. The Alchemist, a cocktail bar in the UK, has recently released a set of five NFTs, each with different artwork and a cocktail kit. For example, the one tweeted about below, comes with a physical print of the art and a gin and tonic, along with the actual NFT.

Alcohol can be a good universal present and The Alchemist’s NFTs add an extra twist to the gift. Not everyone drinks, however, so it may best to opt for a different NFT that has a physical bonus.

Funko Pop!, the cartoon figurines of various famous characters, has released its own NFTs. They are offered in packs, which when opened reveal a rare character that can be redeemed for a physical figurine.  Previous pack themes included Star Trek and Iron Maiden. Currently, the sets are sold out but it might be worth keeping an eye out for the next ones to be released.

Music NFTs

CDs and vinyls used to be a great present for friends and family. Now all you need is a Spotify link.

NFTs are fuelling a resurgence of buying assets from musicians. Plenty of sites have popped up to make purchasing music tokens easier. OpenSea is one that is well-known in the crypto community. Users can purchase NFTs of the actual music or artwork from the musicians.

The vast number of NFTs listed on OpenSea can be daunting. One way to approach buying a gift from the site is to look for the receiver’s favourite musicians. Whether they are a fan of Kings of Leon or Grimes, there is most likely going to be a crypto gift for them.

Sports gifts

The Sorare logo on a phone in front of a laptop screen displaying three digital footballer cards
The blockchain fantasy football platform Sorare has digital cards of footballers from 227 clubs – Photo: Shutterstock

Football scarves, player’s shirts, or even trading cards, have been placed under Christmas trees for decades. But it might be time to swap out the physical for the digital. There are plenty of crypto gifts for fans, such as NFTs from favourite teams or players on OpenSea.

The blockchain-based fantasy football site Sorare offers a more adventurous crypto gift. The blockchain technology allows users to have actual ownership of their squad, which is an enticing prospect for friends already playing fantasy football. It could be worth buying them digital cards of players from the 227 officially licensed clubs.

Another exciting cryptocurrency gift idea could be tokens from the Socios platform. Socios are giving fans a new way to interact with their favourite clubs, by using a utility token. Users can receive exclusive NFTs or even vote on club decisions. A recent poll from holders of the Paris Saint-Germain token voted on a message to be worn on the captain’s armband. Although not every team has a token, many prestigious clubs are using the Socios platform, including Barcelona and Juventus.

Gaming and metaverse

A phone with the Sandbox logo in front of a laptop displaying the Sandbox marketplace
The metaverse project Sandbox has a new collection of festive characters – Photo: Alamy

Unwrapping new toys or the latest video game is a staple of Christmas Day for many. Although investing in crypto gaming is not the most appropriate gift idea for children, it could be for gamers.

The crypto gaming industry has exploded this year with lots of gift ideas to choose from. If you are feeling particularly generous, an investment in Axie Infinity could be a successful present.

Axie Infinity is a Pokémon-inspired blockchain game where users battle with characters called Axies. These can be bought on the game’s marketplace and usually sell for above $100.

Metaverse platforms offer other cryptocurrency gift ideas that could be of interest for gamers. Blockchain-worlds like Decentraland or Sandbox are virtual realities, where users can socialise, create and game. Mana and sand are the respective native cryptocurrencies. If you send the tokens to the recipient, they can be used like a giftcard to buy items on the marketplace.

Should you be feeling even bolder, you could buy and send items directly to them. Sandbox recently released an NFT collection of festive characters, including a nutcracker robot and Christmas penguin, which could make for the perfect virtual stocking filler.

The crypto classics

A physical coin with the dogecoin logo in front of fairy lights
Dogecoin is the second most popular cryptocurrency to be gifted this Christmas – Photo: Shutterstock

Taking risks with presents might not always pay off, but there are safer crypto gifts. The classic cryptocurrencies could be a well-received present. BlockFi’s survey revealed bitcoin was the most likely cryptocurrency to be gifted, with dogecoin in second and ether third.

These cryptocurrencies seem to be a more popular gift choice than NFTs. The market for NFT gifts is still in its infancy as only 2% of Americans are interested in receiving one as a present. If you are looking to be one of the few bold enough to try it, there are many options to choose from. But bitcoin, ether and dogecoin will act as alternatives for those looking to play it as safe as possible when it comes to a crypto gift.

FAQs

Yes, it is possible for people to gift cryptocurrency by sending it to the reciever’s wallet. According to BlockFi, bitcoin is the most common cryptocurrency to be gifted, along with dogecoin and ether. Remember, you should always do your research before gifting cryptocurrencies, as high volatility can bring a nasty surprise.

The easiest way to give a crypto gift is if the recipient already has their own wallet. This means you can transfer the cryptocurrency or NFT directly into their wallet. However, if your loved one is new to the crypto world, you can set up a wallet for them and transfer the present to that wallet.

It depends on the country. Transferring cryptocurrency gifts to your spouse is tax-free in the UK. However, you may be subject to paying capital gains tax by sending it to someone else, depending on the amount. Before buying the present, you should always look up your local tax law for cryptocurrencies.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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