Looking for something to spice up the romance this Valentine’s? NFTs are the way to go!
Valentine’s Day has rolled around again this year, and with it, the question of what to give your significant other is a headscratcher for almost everyone. It’s hard to be creative every year, isn’t it? Well, this year, we have the solution to your problem. Instead of gifting your partner with flowers that will wither after a couple of days or chocolates that will last a week, you can give them a present that will be preserved forever on the blockchain and that is, non-fungible tokens (NFTs).
NFTs have been surging in popularity all through the past year, which is evident in the fact that the use of the abbreviation increased by 11,000% in 2021. According to a survey, nearly 20% of singles are more inclined to be romantically interested in someone if they have an NFT as a profile picture on social media platforms or dating sites. Curious about what you can pick and why this would be the right choice? Here is a rundown of everything you need to know.
Why gifting NFTs makes sense
If you are new to the world of blockchain and crypto, gifting a virtual token wouldn’t make any sense to you. However, when you consider that some of these virtual tokens have tremendously high resale values, it becomes almost impossible to pass up on the opportunity of grabbing one. For example, the Bored Ape NFTs, which were originally up for sale for 0.8 ETH (US$ 3,200), have an average floor price of 93 ETH (US$ 297,661) today.
If you look at the potential returns of an NFT purchase, it’ll show you that an NFT valentine’s gift will not just be something cool for your partner to enjoy at the moment. Rather, it would be a long-term investment. Besides, NFTs also come with a range of other benefits. If you go back to the Bored Apes example, buying an ape for your loved one would give them membership into the Bored Apes Yacht club as well as commercial usage rights for the NFT they possess. It means that you can create your own projects or products with the Apes you own and sell them independently. Some of these projects include craft beer, animated YouTube series and skateboard decks.
To be clear, buying isn’t the only option you have. If you are a creative individual and want to express that creativity in your gift, you can also mint special custom-made NFTs for your partner.
What NFT gift options do you have to choose from?
You don’t have to feel pressured to create your own NFTs; the market already has plenty of options for you to choose from. For instance, if your partner is an art buff, then you could look into purchasing NFTs of the famous Gustav Klimt painting “The Kiss”. The artèQ investment fund and the Belvedere Museum have collaborated on this NFT project and divided the digital copy of The Kiss into a 100×100 grid, resulting in 10,000 inimitable individual pieces.
Each of these is up for sale at a price point of US$2,094. The project’s whitelisting phase (when interested buyers can register to make purchases at a much lower price) was from January 26 to February 10. The NFTs will be officially dropped on Valentine’s Day. Buyers can also add a declaration of love to the NFT on the project’s website. If you missed the deadline for this one, don’t worry. Most NFTs do end up coming back to the market, albeit at a higher price point.
Another exciting project which combines NFTs, metaverse, sustainability and Valentine’s Day is Samsung’s “Turn Red Hearts Green” treasure hunt experience, which began on February 9 and will run for five days. The experience will be available in Samsung’s 837X world (which is a virtual space in Decentraland modeled after Samsung’s flagship store in New York City). In this experience, players go on a quest where they will collect 5 recyclable boxes in exchange for a gift—virtual seeds. With the seeds, players can plant trees in the 837X Sustainability Forest and earn NFTs as a reward. Players can complete this quest on Valentine’s Day and claim a unique virtual wearable.
Rest assured, you don’t have to limit yourself to Valentine’s Day-specific NFTs. Other collections, like the previously mentioned Bored Apes or the ever-popular Cryptopunks, are a great gift as well. Try browsing NFT marketplaces, like OpenSea, to find what fits your partner’s taste (and your budget) the best.
If you are pondering over whether people even want NFTs as Valentine’s Day gifts, the answer is yes! According to a survey conducted by the financial services company, eToro, 8% of respondents are interested in receiving an NFT or crypto as a gift this Valentine’s Day. If these statistics don’t encourage you, then NFT weddings should.
Two Coinbase employees even exchanged Tabaat (Hebrew for “ring”) NFTs during their wedding ceremony. And they are not the only ones; an Indian couple also recently exchanged their wedding vows using NFTs. While we do think NFTs are a fun and unique present for your loved one, as always, make sure you carefully evaluate the asset before making a purchase.
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