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Apr 26, 22  |  Ashar Ali

How to Gift an NFT on Opensea: What, How and Step by Step Guide

It is a new sort of digital asset known as non-fungible tokens, or NFTs, which are used to represent digital ownership of an asset, such as a picture or video. The NFT may be seen by anybody, yet it is managed and owned by a single individual who has a digital wallet. NFTs may be held in a shared wallet with Ethereum or any other cryptocurrency that is compatible with the NFT protocol.

What better way to show your friend or family member that you care about them than by gifting them an NFT for their birthday, or any other time of the year. Find out How to Gift an NFT on Opensea in this article, as well as how you may give one to someone else.

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How To Obtain NFTs

It is possible to buy NFTs using cryptocurrency, and their ownership is validated on the blockchain. Because they cannot be exchanged for other cryptocurrencies, they are known as non-fungible assets. Since they cannot be exchanged like stocks or cryptocurrency, they can only be bought and sold on market places. Computer-generated avatars, sports clips, or even artwork are examples of NFTs.

An NFT may only be gifted after it has been placed in your own digital wallet. To buy NFTs, you'll first need to acquire Bitcoin. Ethereum is the most widely used cryptocurrency for NFTs. The NFT may be purchased via a marketplace like OpenSea or Rarible after you have Ethereum in your wallet. Brands like the NBA or Taco Bell sell NFTs as memorabilia that you may buy.

The price of NFTs is either predetermined or subject to bidding in an auction (think eBay). Some platforms may need bids to be greater than the prior bids in order to be considered genuine. The NFT would then be sold to the highest bidder by its owner.

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Who Should Receive NFTs?

An NFT can only be given to someone who has a digital wallet that can accept it. That rule makes it hard to give NFTs to kids who are under 18. Most exchanges, brokerages, and wallet apps won't let you open an account for a child under 18.

Before giving an NFT, think about the responsibility that comes with owning it. You should usually only give NFTs to people who know what they're getting, how to get it, and how to keep it safe.

NFTs are popular with people who like technology, people who use cryptocurrency, and people who invest. The person you want to buy an NFT for might be very happy if you give them one as a gift. They might like it a lot.

When you choose an NFT, you could buy a cheap one or give someone a share of a valuable one. Fractional, for example, lets people buy only a small amount of rare and expensive NFTs on a platform like this.

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What Is The Cost Of Transferring An NFT?

Most of the time, when you send an NFT to someone else, you'll be charged a "gas fee." These fees pay for the costs of processing and confirming the transfer. Make sure you pay close attention to these fees, because the costs can add up quickly.

Gas prices are known to change, so it's best not to wait until the last minute to make a payment. Keeping track of fees until the right time comes could help you save a lot of money. Over the weekend, transaction costs tend to go down, so you might pay less if you make a slow transfer.

Gifting NFTs: A Step-by-Step Guide

Handing someone an NFT is a lot like giving them digital cash. A cryptocurrency balance is required to cover transaction costs, and the public wallet address of the receiver is required to get started.

Obtain The Recipient's Wallet ID

Begin by obtaining the recipient's public wallet address and validating the recipient's personal information. A non-transferable token (NFT) may be lost permanently if it is transmitted to the incorrect or incompatible address. If you want to share your wallet address, you may do so by sending it as a string of alphanumeric text or a QR code.

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Open Your NFT Cryptocurrency Wall

After that, log into your cryptocurrency wallet, which should have the NFT you want to donate. Make careful to keep your wallet information secret and safe, since anybody who has access to your wallet's password or private keys will be able to access any cash or NFTs that you may have in your possession.

Preparation Of NFT Sending Trans

Once you're in your wallet, go to the NFT and choose to send the asset to another wallet.

Make sure you put the recipient's wallet address in the right place on the page. When you use your wallet software, it should tell you that the wallet is compatible with the software you use. Not if it isn't. People who are sending an NFT made with Ethereum can only send it to people who have an Ethereum wallet. You can't send money to a Bitcoin or other wallet by itself, though.

Some wallets and networks let you pay more money for a faster transaction, or less money for a slower transaction, depending on how long it takes for the money to move.

Verify And Send

You should double-check your transaction data since there is no way to go back in time with blockchain transactions. To be extra cautious, double- and even triple-check your work before submitting it.

Once you're convinced that everything is correct, click the button to send the NFT to the designated recipient. It is broadcast to the network of computers that support the blockchain in order to get confirmation of the transaction.

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Check The Blockchain For Receipt

Blockchain transactions are public, which means that you can see the transfer as it is taking place and confirm that the NFT has arrived in the right wallet after the transaction is complete. This may be accomplished via the use of a free blockchain explorer, such as Etherscan.

A pop-up or message indicating the NFT has been successfully sent to the receiver may or may not be shown depending on your wallet. You may take care of the exciting aspect of informing them that they have a fresh new NFT.

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According to the examples above, moving one or more NFTs to a different wallet is a reasonably simple process. The OpenSea platform makes this procedure very simple and straightforward for everyone to use.

Remember to carefully check the address where you are sending your NFT and to keep in mind that sending large amounts of NFTs will always result in higher gas costs.

The team at Distinguished is committed to helping people understand all they can about the approaching NFT revolution. We assist you in navigating this intriguing new realm of non-fungible tokens and demonstrate how you may use tokenization into your own company's operations.

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