Everyone is doing it. Younger generations see crypto as the more interesting and relevant gift, subscribing to the entire philosophy of the decentralized creator economy. Others see Bitcoin as a way to diversify investment and stay on top of technology trends. Either way, it seems that this holiday season, crypto and NFTs are about to dethrone Tickle Me Elmo as the most in-demand Christmas gift of all time…
Thankfully, the supply of crypto and NFTs doesn’t run out, and you don’t need to battle the crowds to get them. You can send ETH, tokens, or NFTs to anyone, anywhere in the world, pretty much instantly, right from your phone or computer. Plus, with MEW wallet, you can teach your friends about decentralization – the thing that really makes crypto special.
If you use a centralized, custodial platform like Coinbase, Binance, or Robinhood to gift crypto, the other person will have to sign up for an account in order to access the gift, provide some personal information, and may not even be able to send their crypto elsewhere after they receive it. Using a non-custodial solution like MEW may take a few extra steps, but will give the gift recipient immediate, exclusive, private, and full control of their new asset.
What you’ll need: an Ethereum wallet and ETH
To do anything on the Ethereum blockchain, including getting tokens and buying NFTs, you will need an Ethereum wallet and some ETH in that wallet – enough to cover the gift itself and the gas fees. Don’t have a wallet? Download MEW wallet app for iOS or Android and get started in minutes (make sure to back up your wallet and write down your recovery phrase before proceeding with any transactions!)
You can buy ETH directly in MEW wallet app with Apple Pay, credit card, or debit card via our provider Simplex. The minimum purchase with MEW is $100, but you are likely to need that - and quite possibly more. NFTs are a quick and creative gift, but not necessarily a cheap one, and gas fees on the Ethereum blockchain can get high with increased network activity.
Once you have ETH in the wallet, you’re ready to swap for tokens, buy NFTs, or register blockchain domains, depending on what you want to give.
Choosing your gift: ETH, tokens, NFTs, domains
The simplest option is just to give ETH, and let the recipient decide whether they want to hold it, or use it to buy their own tokens and NFTs. Being both a store of value, like Bitcoin, and a means of interacting with the bigger Ethereum economy, ETH might be the most versatile introduction to the crypto space. On the other hand, if you know that they’ve been following a particular token, you can swap your ETH for that token before sending it to their wallet.
Of course, giving cryptocurrency may feel like giving a check – impersonal and not very imaginative. An NFT, on the other hand, is a truly, literally unique gift. There are hundreds of thousands to choose from, for a wide range of interests and budgets.
One of the largest and most established NFT marketplaces is Rarible. Find MyEtherWallet among the wallet sign-in options and use your MEW wallet app QR scanner to connect. After you select and purchase the NFT, you can view it (and then send it out to your recipient) by connecting via the QR scanner to MEW web and going to the NFT manager page. Even easier? Mint an NFT right in MEW web. MEW’s exclusive NFT collection, ETH Blocks, is a great way to introduce someone to Ethereum, its history, and the MEW community.
If you are more of a ‘name an asteroid after them’ kind of gift giver, you could get a blockchain domain: like a .com domain, but one that also serves as their easy-to-remember address for crypto deposits and their special, immutable home on the blockchain. They could even use the domain to create a censorship-resistant website.
What your recipient will need: an Ethereum wallet and some guidance
To send a crypto gift directly to someone, they need to have an Ethereum address. If they already have an Ethereum wallet – perfect! All you need is their public address to send the gift. If they are completely new to crypto, there are two options:
- set up a wallet for them, send the gift to the wallet address, and then give them the wallet access information (the keys)
- guide them through setting up a wallet themselves, and then send the gift from your wallet to the address they will provide to you
Option 1 is more surprising, but less secure. Only the wallet’s owner should ever see the wallet’s keys. If you create the wallet for them and hand over the keys, the gift recipient will eventually need to create a new wallet and move the tokens anyway. Since wallet keys should never be used directly on a website or online environment, this can actually end up being more complicated than having them create their own wallet in the first place. Option 2 is more secure and gives you the opportunity to guide them through best crypto wallet practices. We recommend this method because users’ security is always the highest priority.
So, how to help your recipient set up a wallet?
- Have them download the MEW wallet app for iOS or Android.
- Make sure they back up the wallet by writing down their recovery phrase in a secure location.
- Ask them to copy and send you the address of their wallet by clicking the ‘down’ error on their account card in the app.
- Finally, have them explore the educational materials in the app and read over the full MEW wallet guide.
Meanwhile, you can go ahead and send their gift! If you are gifting ETH or tokens, you can send the transaction directly from the app. For sending an NFT, connect to MEW web with your app via the QR scan, go to NFT manager, and click Send next to the NFT.
You gave your crypto gift – now what?
To make the most of cryptocurrency, the best approach is to stay on top of news in the space and continue learning. It’s still early in crypto, projects are developing quickly, and opportunities are plentiful. Get your crypto gift recipient started on MEW’s help center articles, MEWtopia, our MEWsletter, and our communities on Twitter and Reddit. Encourage them to explore further with other crypto communities and publications. Hopefully, your gift will be the beginning of an exciting and fulfilling crypto journey!