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What Is Gifto?

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Jun 29, 2023
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5 min read
what-is-gifto

This blog post will cover:

  • About Gifto (GFT)
  • Where did Gifto (GFT) come from?
  • What are the advantages of Gifto (GFT)?
  • What are the disadvantages of Gifto (GFT)?
  • How to buy Gifto (GFT) on SimpleSwap?

About Gifto (GFT)

Gifto is a Web3 platform that was created specifically for giving digital presents. This is a rather new trend, but it has great potential because such gifts (e-cards, NFTs, cryptocurrencies, generative art, etc.) allow for greater flexibility, uniqueness, and potential investment growth compared to traditional ones. 

Despite these benefits, giving (as well as accepting and storing) crypto asset gifts might be a technically difficult task through the usual means, so Gifto decided to make it as easy as possible.

For this purpose, the platform offers these features:

  1. A Web3 wallet. It is used for storing and minting NFTs, interacting with DApps, and managing users’ GFT tokens (native to the platform) and other BNB Chain cryptocurrencies.
  2. Gifto Store. A marketplace for digital collectibles where users can buy, sell, and gift NFTs. Creators get GFT rewards for completed sales.
  3. Staking. Users can deposit the GFT tokens to the staking program to earn rewards (1.5% of the annual inflation of GFT goes is allocated among stakers).
  4. Charity. The project donates 0.5% of the annual inflation to Binance Charity, which tries to eliminate poverty and make education more accessible.

The platform’s token GFT was previously called GTO and was an ERC20 token. In January 2023, Gifto started the exchange from GTO to GFT which is built on Binance Chain in a 1:1 ratio. The transition period lasted for 3 months, and then the old tokens were burned. 

Where did Gifto (GFT) come from?

The project’s team is anonymous. Gifto has existed since 2017, but prior to the introduction of the new GFT token, the infrastructure was smaller: the wallet, staking program, and Gifto Store appeared together with the new cryptocurrency.

In the future, Gifto is planning to bring more diversity into its products. For instance, they collaborated with the AutoFarm network in December 2022, with whom they want to create more yield farming opportunities for the users.

Additionally, the team will carry out events devoted to various celebrations (e.g. red envelopes for Chinese New Year), they will also integrate Gift on social media and Metaverse to give users an opportunity to send P2P gifts.

What are the advantages of Gifto (GFT)?

  1. Innovative idea
    
    Seems that right now crypto presents are slowly becoming more popular, and as crypto adoption proceeds, this will possibly become a lucrative area for business.
  2. Growing ecosystem
    
    With the introduction of new products, Gifto will likely be able to attract more new users.
  3. Easy to use interface
    
    It is important for those who would like to give a crypto present to someone who is new to this sphere.
  4. Charity
    
    The platform both donates to the Binance charity itself and gives the users the opportunity to support various Web3 projects with charitable goals.

What are the disadvantages of Gifto (GFT)?

  1. Lack of information
    
    The Gifto team is anonymous, and there is also no white paper on the site.
  2. Narrow specialization
    
    As of 2023, the project is focused on giving crypto gifts, which is a promising area, but still rather narrow. On the bright side, Gifto is working on diversifying its offerings. 

How to buy Gifto (GFT) on SimpleSwap?

If you are interested in purchasing GFT tokens, SimpleSwap is happy to assist you with this. All you have to do is enlisted in this short guide:

  1. Select the cryptocurrency you would like to exchange (for instance., Bitcoin). Enter the amount you want to swap.
  2. Choose Gifto in the second drop-down list (the crypto you would like to receive). You will see the estimated amount that you will get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. GFT will be sent there. Please ensure entering the right address.
  5. Create the exchange.
  6. You will see the BTC deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange. After that, wait for tokens to reach your wallet.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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