The Story Behind the Red Envelope

The exchanging of hongbao (also referred to as “red packet” or “red envelope”) is a traditional Chinese gift-giving practice that dates back centuries and is typically associated with holidays such as Chinese New Year and other special occasions. It is also commonly used in business and professional settings to show appreciation or gratitude.

Hongbao is an important part of Chinese culture and is seen as a way to show respect and appreciation for another person. It is seen as a gesture of goodwill and generosity. It is also seen as a way to strengthen relationships and foster social harmony.

The monetary value of hongbao is typically small, and it is seen as a gesture, rather than an exchange of money. It is often accompanied by a written message or wish.

Our designer Chiali brought up the idea of seeing if we’d be able to bring the gratitude of hongbao to web3, and the rest of the Unlock Protocol team leapt at her idea.

Chiali’s design and results are delightful.

In addition to Chiali’s fantastic art, which stands on its own, some of the packets may have a little something special inside them as well to help cheer in the Year of the Rabbit. 🧧

We will open a mint window on Wednesday, January 18, 2023, and you can mint and send a gift of hongbao to someone you appreciate.

The five hongbao designs with differing rarity traits will be revealed to holders on Sunday, January 22, 2023 (Lunar New Year).

Mint price to send a gift of hongbao is 1 MATIC (right around a dollar at today’s rates) and takes place on the Polygon Network. While you can mint multiple times to send to multiple recipients, there is a maximum of one hongbao gift per wallet.

If you would like to gift a web3-powered red packet to someone this year, please visit: https://red-packet.unlock-protocol.com.

As always, if you have any questions, please let us know in the Discord.