What is Gifto and How does it Work?

In 2017, Gifto (GFT) emerged within the realm of blockchain technology, establishing itself as one of the first application tokens. The project has been consistently evolving since then. The original token, GTO, has been renamed GFT as part of Gifto’s ambitious growth strategy.

Gifto has recently sparked intrigue and interest in the crypto sphere, primarily due to its singular offering. It is a Web 3 blockchain platform that enables users to create, store, and send blockchain presents. These presents can be e-cards, Profile Picture (PFPs), Non-Fungible Tokens (NFTs), or red envelopes. This diversity offers users a variety of options from which to choose. Additionally, the platform offers the option to donate cryptocurrency to charity, expanding its utility.

Previously, Gifto’s native token was an ERC20 token known as GTO. To keep up with the rapid evolution of blockchain technology, Gifto migrated its native token to the Binance BEP20 standard and renamed it GFT. Existing GTO token holders now have the exciting opportunity to exchange their tokens for the newly introduced GFT.

Over the years, Gifto has continued to innovate and expand its features to benefit its community. What began as a gifting platform has expanded to include a marketplace, Web 3 wallet, NFT generation, charity functionality, and a forthcoming staking project. In the subsequent sections of the articles, we will examine each of these in detail.

The Gifto Web 3 Wallet ensures the secure storage of digital valuables, providing easy access to GFT and other Binance Chain tokens. It facilitates seamless trading of these tokens at decentralized apps (dApps). Moreover, the wallet is designed with a focus on privacy, refraining from gathering any user information.

History of Gifto, Origins and Key People

As a result of platforms such as YouTube, Instagram, and Facebook, content creation has become a profession for many in the digital age. Despite having 1.5 billion and 700 million MAUs respectively, the majority of content creators struggle to make a living from their work. This bleak scenario was the impetus for creating Gifto, a solution designed to alleviate the financial burden digital content creators face.

The current model of monetization heavily relies on ad revenues, which has resulted in an incentive structure that rewards mass-market content and elite producers while leaving the vast majority of creators without adequate compensation. Moreover, platforms are frequently compelled to cater to the whims of advertisers, resulting in instances in which creators’ revenues were drastically reduced due to ad pull-outs due to content that advertisers deemed “unsafe.”

Such was the case with BigCat, a leading YouTube content creator in South East Asia with over 150 million monthly views. Despite these impressive statistics, BigCat could only generate $20,000 monthly through YouTube advertising. This brought attention to the challenges faced by most content creators who do not draw the same number of viewers.

The founders’ experiences at Asia Innovations Group (AIG) inspired the creation of Gifto, a new monetization model. Andy Tian, a key member of the AIG team, was all too familiar with the risks associated with advertising revenue dependence. Andy, one of the earliest social game developers who later led Zynga China, contributed to the development of over 20 games that collectively generated over $500 million in revenue, gaining a comprehensive understanding of game mechanics in the process.

The innovative strategy of Gifto was to switch from an advertising-based revenue model to a virtual gifting system. In June 2016, AIG’s flagship product, Uplive, a live streaming platform, was the first to implement this concept. By August 2017, Uplive was generating monthly gross revenue of over $10 million from millions of users in 50+ countries. The platform was generating millions of dollars in revenue for over 60,000 broadcasters around the world, demonstrating the efficiency of the virtual gifting model.

The system of virtual gifts offered a novel and sustainable revenue model. Its success resulted from the visual appeal and enjoyment of sending and receiving gifts, dramatically increasing the number of users who sent gifts to creators. The team’s expertise in the gaming industry was instrumental in designing beautiful virtual gifts, which made the gifting experience enjoyable for both senders and recipients.

The enhancement of social relationships that virtual gifting offered was the other crucial component. The concept of ‘tipping’ a creator had been around for a while, but Gifto took it further. Gifting is a universal social behavior based on the psychology of reciprocity, and this was what Uplive brought to the virtual world. A direct monetary tip couldn’t replicate the emotional satisfaction derived from a more personalized gift, which was vital for building significant social relationships.

This understanding of content creators’ plight, coupled with a deep insight into the potential of virtual gifting as a monetization model, gave birth to Gifto. It was not just a solution, but a testament to the adaptability and evolution of content monetization in the digital age.

How does GFT Work?

Uplive, a leading live streaming platform with a sizable user base, established the GFT token as a universal gifting protocol in the broader GIFTO ecosystem. The token is intended to facilitate various ecosystem-wide functionalities, while its utility and use cases diversify the community’s membership.

The primary uses of GFT tokens within the ecosystem can be categorized into the following:

1. Purchasing Virtual Gifts: GFT tokens are primarily used by community members to buy virtual gifts. These can range from simple emoticons to more complex virtual items created by digital artists and are stored as Non-Fungible Tokens (NFTs) on the blockchain. These gifts can be used personally or given to content creators, influencers, or other community members.
2. Monetization for Content Creators: Content creators on Uplive and other platforms integrated with GIFTO can use GFT tokens to receive virtual gifts from their audience. This allows content creators to monetize their content directly from their fans, bypassing the traditional ad-based revenue or sponsorship models.
3. Gift Creation and Curation: Digital artists and creators can earn GFT tokens by creating and curating virtual gifts, which gives them a stake in the ecosystem and a reward for their creative efforts.
4. Earning Rewards: The GIFTO ecosystem incentivizes active participation. As such, community members can earn GFT tokens by contributing value to the ecosystem, which could include creating unique virtual gifts, curating existing ones, engaging with the community, and content creation.
5. Ecosystem Governance: Some token-based economies, including GIFTO, introduce governance aspects to their token utility. This allows token holders to participate in influencing the development of the ecosystem by voting on various proposals.

On January 12, 2023, as part of its strategic roadmap, GIFTO migrated its original GTO token to the new GFT token. The migration was designed to be user-friendly, accommodating holders of both GTO ERC20 and GTO BEP2 tokens via a one-to-one swap mechanism, thereby facilitating a seamless transition to the new GFT token, compatible with BEP20, which offers enhanced speed and efficiency for token holders.

The old GTO tokens were burnt to prevent double circulation after the migration. This process was irreversible, highlighting the need for token holders to exercise due caution during the swap process and verify the legitimacy of any platform, website, or individual claiming to facilitate the token swap.

Following the successful rebranding of tokens, GIFTO intends to strengthen the GFT token economy throughout 2023 by releasing new products and introducing new developments. The company is committed to the long-term success of the GFT token and will continue to support the old GTO tokens for a minimum of three months following the swap date.

As the ecosystem continues to grow and evolve, the GFT token will become an integral part of the GIFTO community, fostering engagement, fostering creativity, and enhancing the overall user experience.

Main Features of Gifto: Marketplace, Web3 Wallet, NFT Generation and more

Marketplace

The GIFTO marketplace is a dynamic platform that enables unique interaction between content creators and fans. It is intended to facilitate the exchange of non-fungible tokens (NFTs), which represent virtual gifts. These gifts can be made by the content creators themselves, allowing them the freedom to design one-of-a-kind items that represent their brand or personality. Fans can purchase these gifts with GIFTO tokens (GFT), which fosters a thriving economy on the platform. New features and enhancements are continually introduced to enhance the user experience and expand opportunities for creators and fans.

Web3 Wallet

GIFTO’s Web3 wallet is an integral part of the platform’s ecosystem. It is a cross-chain, on/off-chain wallet compatible with all platforms and applications. This wallet lets users securely store GFT tokens, NFT tokens, and other BNB Chain tokens. In addition, it provides access to numerous features, such as GFT staking, yield farming, and a red packet system for gifting. The wallet is user-friendly, making it simple for creators and fans to manage their assets and utilize the platform’s features.

NFT Generation

The role of NFTs is central to the GIFTO platform. They are used to represent virtual gifts that can be designed by creators and purchased by fans. The platform includes a creator interface within the wallet that allows creators to design their own virtual gifts or choose pre-designed ones. This feature provides creators with a great deal of flexibility and control over the gifts they offer, allowing them to design one-of-a-kind items that reflect their brand or personality. Fans can then purchase the NFTs using the GFT token, adding a new dimension to the relationship between creator and fan.

Charity Functionality

In addition to facilitating interactions between creators and fans, GIFTO places a significant emphasis on social impact. The GFT token supports the charity functionality of the platform. Through Binance Charity, a portion of the token’s annual inflation rate is donated to charitable causes. This feature enables the GIFTO community to contribute to important social causes, such as reducing poverty and expanding educational access.

Staking Project

Staking is another key feature of the GIFTO platform. Users can stake their GFT tokens to earn various privileges and a pro-rata distribution of network fees. The APY for staking rewards varies based on the size of the GIFTO staking pool. This feature provides an additional incentive for users to hold and use GFT tokens, contributing to the overall health and vibrancy of the platform’s economy

Is GFT a Good Investment?

Determining whether GFT is a suitable investment for you depends on your individual situation and tolerance for risk. Cryptocurrencies are known for being high-risk assets, and it is recommended that you conduct your own research and assess the amount of risk you are comfortable with before investing. It is essential to only invest money that you can afford to lose.

How can you own GFT?

Going through a centralized cryptocurrency exchange is one approach to acquiring GFT. The first step is to create a Gate.io account and complete the KYC process. Once you have deposited money into your account, follow the instructions to purchase GFT on the spot or futures market.

News on Gifto

• GTO to GFT Token Swap Details: Announcement of the GFT token and the GTO to GFT token swap.
• Poolz has made a strategic $2.5M investment in Gifto: Gifto and Poolz announced a strategic investment to drive growth and innovation in the blockchain space.
• Analysis of the DDoS Attack that Caused Site Downtime Since February 8
• Announcement of the launch of the Gifto Staking Platform. Gifto users can now earn rewards by staking their GFT.
• Announcing the Gifto and NULS Partnership: A major step forward to creating the Gifto Web3 Wallet. Gifto announced the partnership with the NULS to develop their upcoming web3 wallet.

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