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What is Gifto (GTO)? A Comprehensive Review of the Decentralized Gifting Protocol

Gifto is a blockchain-based decentralized gifting platform that enables fanatics to reward creators of digital content with virtual gifts (graphics & animations) that can be exchanged for the GTO tokens or fiat cash.

The project’s decentralized virtual gifting protocol is built on Ethereum and can be implemented on a variety of extant online publishing platforms, being inclusive of, among others, YouTube, Facebook, and Instagram.

Particularly, Gifto’s objective entails providing an alternative stream of revenue for digital content creators who work around the clock to monetize their work. The organization is looking forward to coming up with a self-sustaining ecosystem that will be of great service to the following key partakers:

  • Content Creators:

Content creators create digital content (could be videos, art, and (or) music) for their fan base’s consumption.

  • Virtual Gift Creators:

This group of users comprises of contributors, or rather artists, who come up with virtual gift assets ranging from images to animations. Most noteworthy, these users could as well be the content creators themselves.

  • Curators:

This group of users basically constitutes a committee of panelists who appraise and curate virtual gifts for quality, classification, and pricing.

How Does Gifto (GTO) Work?

Here’s how the Gifto protocol works:

First of all, content creators single out the goods that befit their kind of work, after which a website link is created enabling them to showcase the singled out gifts to their fanatics. The content creators can as such post the link on their LinkedIn, Facebook, or Instagram channels.

Thus far, a fanatic can clink on the link, tailor-make their own online gift store, and use their GTO (GIFTO Tokens) to buy and send gifts. Users gain absolute access to the Gifto blockchain protocol upon signing up for an account on UpLive.

The moment a content creator comes by a virtual gift, it is hoarded in an inventory, from where they choose to undertake one of the following 2 actions:

  • Redeeming the virtual gift and exchanging it for GTO (Gifto Tokens).
  • Retaining the virtual gift, which can then be gifted to others on the UpLive

Gifto History and the Team Behind it

Gifto.io is a contrivance of the Asia Innovations Group, which is a mobile entertainment organization that boasts scores of success in so far as effectively monetizing virtual gifts for digital content creators goes. UpLive, the organization’s flagship product, provides its users with live streaming services, enabling them to broadcast and (or) watch videos on their smartphone devices as they occur, or rather, in real-time.

On the UpLive platform, users are in a position to purchase loads of virtual gifts for live broadcasters. Significantly, beyond driving significant revenue for digital content creators globally, the platform enhances the tie-ups between content creators and their fanatics.

From the time of its instigation, the UpLive community has seen tremendous growth, amassing over twenty million users in more than a hundred countries. What’s more, back in 2017, the platform generated more than $100 M USD worth of revenue. The latter was arrived at following the purchases of over 25 Million virtual gifts which were as well sent on the UpLive platform in September 2017 alone.

The team at the helm of the GIFTO project opted to come up with a universal gifting protocol on the basis of these positive results.

The organization’s Chief Executive Officer, Andy Tian, is of the opinion that utilizing smart contracts in the facilitation of transactions will enable broadcasters to directly earn profits from viewers of their content, as opposed to having to go through the UpLive platform, a process that is bound to take up to thirty days.

In addition, the use of GIFTO tokens does away with UpLive’s need to process several different currencies on their virtual gift marketplace. Also, as such, the platform’s users are spared the hassle of exchanging their fiat currency to digital currency to purchase gifts. In this regard, here is what Andy Tian, the founder of the Gifto project, had to say:

“By integrating these smart contracts into the virtual gift itself, a transaction could automatically be executed, allowing for the instant delivery of revenue share to gift creators and producers.”

Gifto launched their ICO on the 14th of Dec, 2017, raising $10 Million USD in merely a matter of seconds. This majorly owes to their expansive base of users from the UpLive platform. UpLive brings 60K of its broadcasters and 20 M users to be the initial testers of Gifto Protocol’s Alpha model. This testing commenced towards the end of 2017 and was followed by the project’s Beta model in the 1st quarter of 2018.

The organization as well announced their collaboration with TRON (TRX), which is yet another vastly renowned player in the cryptocurrency space. Tron is at the moment fixated on developing a universal entertainment ecosystem. Notably, this partnership is aimed at further monetizing digital content on a decentralized platform.

The team behind GIFTO is comprised of various fortunate serial entrepreneurs throughout the expanse of Asia.

The Lead Team:

  • Andy Tian:

Andy Tian is Asian Innovations Group’s Founder and Chief Executive Officer. Most noteworthy, Asian Innovations Group was his 4th startup. He is the former General Manager of Zynga China. Also worth noting, he introduced Android to the Chinese market while working at Google. He graduated with a Master’s degree in Computer Science in 1988 from the Massachusetts Institute of Technology.

  • Charles Thach:

Charles Thach is the organization’s Chief Crypto Officer. He is a seasoned banker with more than fifteen years of experience in the same. He is as well an AML/KYC specialist. What’s more, he has also invested in a number of blockchain organizations, and Co-authored US patent pending technology to come up with an expansively scalable and transactional digital currency wallet.

  • William Nguyen:

William Nguyen is the Chief Crypto Architect. He is not only an inventor, but a serial entrepreneur, an educator, and a lecturer as well. Like Charles Thach, he co-authored a US patent pending technology to build a massively scalable and transactional digital currency wallet. He is a former Alfred P. Sloan Fellow at Harvard.

The Advisory Board

  • Bo Shen:

Together with Dr. Feng Xiao & Ethereum’s CEO, Vitalik Buterin, Bo Shem is a General partner at Fenbushi Capital. He Co-Founded Invictus Innovations Incorporated, the organization that contrived BitShares.

  • Loi Luu:

Loi Luu is Kyber Network’s Co-Founder and Chief Executive Officer.

  • Hitters Xu:

Hitters XU founded AntShares (NEO), a Chinese open-source Blockchain platform.

UpLive

Understanding how the UpLive video streaming application works is basic to better grasping how the Gifto protocol operates.

Let us, for instance, take an example of Eugene as a broadcaster on the platform:

Eugene is a social media influencer with an online following of say 120,000 users on Facebook. As from the time he signed up for an account as a user on the UpLive platform, for say one and a half years and having broadcasted for roughly forty hours a month, he received 15.6 coins on the platform, which equals roughly $220,000 USD. Eugene’s viewers, in a bid to demonstrate their enthusiasm, are able to purchase and send him virtual gifts, for instance; a laptop worth $188.6 USD, a watch worth $45.00 USD, a car worth $2,930 USD, and a PlayStation 4 worth $70.90 USD, just to mention but a few.

As a fanatic, in the event you send Eugene a gift, the entirety of users on the platform will be able to see what gift you sent, and he can appreciate. Consequently, this contrives an emotional interaction.

Significantly, Eugene’s revenue encompasses a percentage of the total cost of the gifts he has so far received.

Just like Eugene, there are as well many other broadcasters on the platform with tens to hundreds of thousands worth of dollars in monthly revenues.

Gifto’s Initial Coin Offering (ICO)

Gifto launched their ICO on December 14, 2017 and raised $30 million USD worth of funds. The coin was sold at ten cents per unit amid the ICO. Cryptocurrencies have since fallen victim of the largest ever bear markets, which basically implies that as of the time of this post’s composition, you are able to purchase the GTO tokens at a price lower than the coin’s ICO price.

What Benefits Come with Gifto?

Below are some of the benefits as well as distinct selling points as regards Gifto:

  • Revenue Streams:

Gifto provides its users with alternative streams of revenue for creators of digital content who work around the clock to have their work monetized. Worth noting is the fact that only a meager 0.3 percent of videos on YouTube have more than a million views, yet these videos only earn an average of $2,000 USD.

A sub-economy has been set up for the creation, curation, and trading of virtual gifts, from which digital content creators, as well as virtual gift designers,  are thus far in a position to generate a stable income.

  • Smart Contracts Technology:

Gifto uses smart contracts in the implementation of their virtual gifts, hence doing away with third party interferences as is the case with such publishing platforms as, among others, UpLive and YouTube.

In addition, in light of the fact that these platforms run on a centralized network/server and involve third parties, transactions take rather longer to process, which is contrary to Gifto’s case where third-party interferences are completely gotten rid of. As such, the content creator’s payment comes directly from their fanatics.

  • Equitable Distribution:

In the event a fanatic buys a gift using the GTO tokens, these tokens are split to recompense all crucial participants as discussed below:

  • A content creator is recompensed up to 80 percent of the tokens, owing to the fact that they are the ecosystem’s key partakers.
  • A gift creator earns up to 5 percent based on the following: if the user uses an established IP address, then the holder of the IP rights is apportioned some of this token revenue share. The actual percentage is determined as per the agreement between the creator of the gift and the owner of the IP rights. Significantly, there is a custom data field in the smart contract for this gift.
  • A gift curator is recompensed 2 percent of the revenue for reviewing and appraising the created gift.
  • The GIFTO Protocol retains 10 percent to bolster operations and maintain the ecosystem.
  • The remaining 3 percent of the funds are accumulated into a rewards pool to be paid out periodically to all viewers, or rather fanatics, as bonuses or lucky draw prizes to reinforce the project’s fun and gamification aspects.

This, as a result, incentivizes the entirety of participants to fairly create, curate, and review.

  • A Solid Team Behind the Project:

Gifto comprises of a highly experienced team of experts owing to their triumph with UpLive. The team also has an appreciable and consistent online engagement and issues updates regarding the project on a weekly basis through medium.com.

  • Strong Engagement:

The idea of users gifting their favorite content creators makes the payment process not only less transactional but more fun and engaging as well. On this virtual gifting ecosystem, users tend to reward more, when they are more engaged.

Ultimately, the result of the latter is more money for the creators of content on the platform, as well as the Gifto Protocol.

Gifto Concerns

As much as Gifto comes with quite a number of benefits, one of the key factors that is bound to deter its widespread adoption is its supposed image, “virtual gifting.” The project’s virtual gifting protocol may not befit content creators whose audiences are rather more serious. A number may be of the opinion that the idea that these virtual gifts can be exchanged for digital currency tokens deems it rather redundant.

Given that both the virtual gifts and the GTO tokens can be exchanged for fiat money, only implies that they exist majorly for aesthetic purposes (in other words, gifting a content creator with a virtual gem, instead of an ordinary crypto coin token.

Nevertheless, for users who are enthusiastic about it, it has not been redundant and has, as a matter of fact, demonstrated a boost of not only fanatic to creator engagement, but the organization’s revenue boost as well. It will be interesting to see if creators of weightier content, for instance, politics, instruction videos, or education, would rather just have their fanatics gifting them directly with tokens.

Gifto Market, Performance, and Value

As of the 7th of May, 2018, GIFTO’s price is $0.46 USD for each token. The coin’s token launched on 18th Dec, 2018 at a price of $0.28 USD. The organization launched its ICO on 14 December, 2018 and raised up to $10 million USD in just a matter of seconds. At the moment, Gifto is ranked #94 in so far as market capitalization is concerned.

Gifto’s token price culminated on the 12th of January, 2018 at $0.98 USD. Most noteworthy, the coin has thus far experienced three additional price peaks as outlined below:

  • $0.61 USD on the 16th of February, 2018,
  • $0.59 USD on the 27th of April, 2018, and
  • The most recent peak at $0.63 USD on May 3, 2018.

Maybe not coincidentally, each culmination has coincided with a new announcement on their medium blog from the organization’s Chief Executive Officer, Andy Tian. The team posts product upgrades as well as new features on a regular basis. This, as a result, helps in bolstering the trust of the ecosystem’s community.

Competition

The most established player, and consequently Gifto’s greatest competitor in this realm is CryptoKitties. CryptoKitties became renowned for enabling users to purchase, sell, or trade their digital cats as if it were a traditional collectible. The publicity around trading these digital items became so huge that one of the platform’s users bought one for a whole $100,000 USD. This is proof that value undoubtedly lies in the beholder’s eye.

Gifto distinguishes itself in that it bears a much more sundry selection of gifts that are curated and modeled by artists who are as a result incentivized using Gifto tokens. In addition, the organization has a much bigger objective which entails providing its content creators with alternative and sustainable streams of revenue. For investors, this ought to instill more confidence in the long run.

Why Should You Consider Holding Gifto’s GTO Tokens?

Gifto is among the very few cryptocurrency companies with the ability to have their protocol integrated with 20 million users from their triumphant UpLive platform. Most noteworthy, back in 2017, live streaming was approximately a $5 billion USD industry in China alone. This warrants the organization a big advantage over its rivals, owing to the fact that other than having an appreciable audience, they as well are vastly experienced in so far as virtual gifting is concerned, and are able to transition to a decentralized protocol without missing a step.

Thus far, UpLive has been engendering incomes worth millions of dollars for more than 60 thousand content creators monthly. This constant stream of income is directly engendered from their devoted base of viewers in Asia, and at the moment expanding universally.

What’s more, the products contrived under Asia Innovations Group (the organization that came up with UpLive and the Gifto project) have jointly amassed more than 100 million users, and for 2017 alone, the organization collected revenues worth over $130,000,000 USD.

So far as the success of digital content creators who are awarded virtual gifts is concerned, UpLive’s top broadcasters earn over $50 thousand USD per month for merely dedicating 1 to 2 hours a day to broadcasting.

On the basis of the aforementioned metrics, seemingly, holding and using the GTO tokens could be deemed an appreciable investment option. Needless to say, you need to carry out your research on the same so that you are utterly comfortable with this investment.

What does the Future Hold for the Gifto (GTO) Coin?

UpLive has, without doubt, demonstrated that there is a very extensive market insofar as virtual gifting goes. We are in agreement with the fact that a virtual gifting protocol that is multi-platform accordant is extremely valuable. When you get right down to it, digital content creators are hardly committed to merely a single platform. Instead, they are commonly known to have a presence across various platforms, for instance, YouTube, Facebook, and Instagram.

Gifto stands out from its competitors in the sense that it is a contrivance of a team of experts with tens of millions of users in their portfolio of extant assets. Gifto has so far been rolled out to more than twenty million UpLive users and is undoubtedly not a stretch to be of the assumption that AIG will integrate more of their platform’s users utilizing Gifto too.

It’s almost certain that the present system for monetizing digital content is broken. Gifto basically provides creators of digital content with a heftier share of their created content’s value. It is unanimously agreed that this is just too appreciable a proposition to spurn.

As an outlay, it is crucial to have a clear comprehension of the factors that are likely to lead to an increment in the value of the coin, as discussed below:

  • As more digital content creators use Gifto, the coins’ demand will as well heighten.
  • Since GTO’s token supply is fixed, the price will definitely go up as its demand increases.
  • It is AIG’s observation that UpLive users have the tendency of buying digital tokens in round numbers and normally have left-over tokens in the wake of carrying out a purchase. Needless to say, this contrives holders of the token and is bound to levitate the coin’s price as its adoption increases.

Gifto’s adoption will take time. Be that as it may, we are upbeat that in the capable hands of the AIG team of experts, the Gifto project will turn out a huge success.

Conclusion

On the whole, Gifto, being an extension of the UpLive platform, is thus far a successful venture in the realm of virtual gifting. The organization has puzzled out how to transform what would conventionally be a very boring and transactional process as regards recompensing digital content creators into a platform that fun to interact with and involving.

UpLive has come to the realization that there exists an added emotional reward to receiving tailored virtual gifts that aid fanatics as well as content creators to develop more solid relationships.

With a continuous outpour of digital content into the world wide web, creators of digital content will find it strenuous to have their work monetized via advertisements and other traditional approaches. They will, as such, be necessitated to fathom how to build an actual relationship with the fanatics of their content. With this in mind, utilizing a decentralized Blockchain-based virtual gifting protocol is seemingly the most befitting approach to transforming the herein processes involving monetization of these virtual gifts into an innovative collaboration between not only broadcasters but curators and fanatics alike.

Gifto Rating

Tech - 8.3
Economics - 8.4
Team - 9.7
Market Opportunities - 8.8
Product - 9.3

8.9

Overall

User Rating: 4.38 ( 4 votes)

About Sherwood Pham

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