Gift crypto and use the opportunity to educate your friends and family about self-custody and decentralization!
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Everyone is doing it. Whether you've been a fan of decentralization for a while or just noticed crypto when it started making the daily news, crypto is getting more mainstream. Some see it as the cutting edge of fintech innovation, and others just want to diversify investment and stay on top of technology trends. Either way, crypto is making its way into the holiday wishlist.
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 some crypto
First things first: If you don't have a wallet, download MEW mobile app and get started in minutes (make sure to back up your wallet and write down your recovery phrase before proceeding with any transactions!)
Next: To do anything on the Ethereum blockchain, including getting tokens and buying NFTs, you will need some ETH in that wallet – enough to cover the gift itself and the gas fees.
Would you prefer to use an alternative network with much lower fees and faster transaction speeds? MEW mobile also supports Polygon, Arbitrum, Base, and BNB Smart Chain. All the things that are possible on Ethereum – like trading and buying NFTs – are also possible on these networks.
You can buy ETH and other crypto directly in MEW wallet via our integrated purchase providers. 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 that token before sending it to their wallet.
For some people, 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, though many others exist, including OpenSea, SuperRare, and Nifty Gateway. You can connect to any NFT marketplace by opening the MEW mobile browser (bottom right tab), and navigating to the relevant web address.
After you choose and purchase an NFT, you can view it and then send it to your recipient in the MEW mobile NFT manager. Just click on the account card in MEW wallet, go to the NFTs tab, and select the NFT you want to send.
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 (which also works with Layer 2s and all EVM-compatible chains!).
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 mobile app.
- 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 look over the educational materials in the app and start exploring web3 apps with the built-in browser.
Meanwhile, you can go ahead and send their gift, whether it's ETH, tokens, or NFTs!
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, our MEWtopia blog, 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!
