Millennials plans to spend thousands on cryptocurrency and NFTs as holiday gifts

Millennials plans to spend thousands on cryptocurrency and NFTs as holiday gifts

LIFESTYLE | Dec 16, 2021 | WOZINGA NEWS

Millennials plans to spend thousands on cryptocurrency and NFTs as holiday gifts

  • This year has seen a boom in interest in digital assets, with the next generation of investors in the forefront.

By Elah Mae Ariate Wozinga Staff

In November, the cryptocurrency market temporarily reached $3 trillion in value, with leading coins such as bitcoin and ether reaching all-time highs, CNBC reported.

Other digital assets, such as nonfungible tokens, or NFTs, have increased in value as well. The total volume of NFT marketplace OpenSea topped $10 billion in November.

During the holiday season, young investors are spending a lot of money on NFTs and other digital assets to give as gifts.

Gifting friends their first digital asset

San Francisco-based Anisha Sunkerneni is looking forward to presenting her close friends and family their first digital assets. These include Ethereum Name Service (ENS) domains and NFTs.

“I think an ENS domain has the potential to be tied to your on-chain personality and profile even more than NFTs.” The 26-year-old says. “It’s pretty special to get the ones you want.”

The ENS produces a domain for the Ethereum blockchain, such as “.com,” that symbolizes an investor’s cryptocurrency address.

An ENS domain name looks like “YourName.eth,” rather than the random string of letters and numbers that usually represents your wallet.

“Digital assets are extremely valuable”

Allison Reichel intends to send her family and friends the equivalent amount in cryptocurrency that she would normally spend on gifts or gift cards. But only if they are interested in receiving it.

“I believe that digital assets like bitcoin are incredibly valuable and represent many features of both free markets and free choice,” the 24-year-old said.

Reichel, who is headquartered in Austin, Texas, intends to give a combination of bitcoin, Ethereum, and Solana.

According to Coin Metrics, bitcoin is currently selling at roughly $46,953. However, it is possible to purchase fractional amounts known as satoshis. Ether is currently trading around $3,731 and SOL is selling around $160.

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