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Millennials and Gen Z are planning to spend thousands on cryptocurrency, NFTs and metaverse land as holiday gifts

  • 1 mth ago

Interest in digital assets surged this year, with the next generation of investors at the forefront.

The value of the cryptocurrency market briefly surpassed $3 trillion in November, with top coins like bitcoin and ether hitting all-time highs. Other digital assets, like nonfungible tokens, or NFTs, jumped in value as well. In November, NFT marketplace OpenSea surpassed $10 billion in total volume.

Demand for NFTs of art, music and in-game assets, like digital plots of land in the metaverse, soared.

Now, during the holiday season, young investors are spending big on NFTs and other digital assets as gifts. Here’s a look at what five people are planning to buy.

Digital land and NFTs of art for the family

Cynthia Gentry plans to gift an NFT of a digital land lot for her sister and parents to share in the metaverse. It could cost thousands of dollars, depending on factors like metaverse game, demand and size.

The 23-year-old San Antonio resident sees NFTs as assets that will appreciate over time. “It’s funny, I don’t think I even have a budget,” she says. “It doesn’t feel like I’m spending money, [I’m] just storing my money in a different asset.”

Continue reading: https://www.cnbc.com/2021/12/15/millennials-gen-z-plan-to-spend-thousands-crypto-nfts-metaverse-land-as-holiday-gifts.html

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