Gift (GFT) is a decentralized finance solution designed to enable blockchain gifts.
For example, Gifto allows users to generate non-fungible tokens (NFTs), e-cards, profile pictures (PFPs), generative art, and red envelopes that they can gift. Users can create NFTs, sell and receive NFTs, PFPs and Generative Art in the Gifto Store Gift (GFT) Reward.
More specifically, a profile picture (PFP) is an NFT that can serve as a social media profile picture. Profile pictures are the tiny cartoons that represent users on social media. Popular examples of PFPs include Bored Ape Yacht Club and CryptoPunks.
Generative art is any artwork they create using artificial intelligence (AI) or an autonomous system. Interestingly, generative artworks can be partially created by a human. For example, a person can have an idea for an artwork and command an AI to create it.
Hongbao, or Lucky Red Envelopes, are brightly colored envelopes full of cash that many Chinese give to friends and family during the Lunar New Year. Hongabo are similar to British Christmas crackers.
Red envelopes are big business in China. Typically, Chinese give 100 yuan (or $20) to children, 500-2,000 yuan (or $100-300) to parents or grandparents, and 100-1,000 yuan (or $20-200) to employees. Therefore, hongbao are similar to the Christmas bonuses given by some American companies.
Essentially, Gift (GFT) is an ecosystem to give away. The Gifto ecosystem includes Gifto Web3 Wallet, Gifto Store, GFT Staking Platform, Yield Farming, Charity and NFT Generation.
Gifto Wallet allows users to store, buy, trade and sell GFT and others Binance (BNB) or BNB chain tokens via Dapps. The wallet provides access to the Gifto Store. They claim that decentralized apps (DApps) will allow users to trade, buy and sell assets quickly through the wallet.
Users can mint, save, and deploy NFT collectibles through the wallet. An inbuilt system allows users to mint and own NFTs. Creators sell NFT art, PFP, collectibles, and red envelopes. They claim that creators can earn GFT rewards for every NFT trade made on the Gifto platform.
They offer Bored Ape Yacht Club, Mutant Ape Yacht Club, Polychain Monsters, Bored Ape Kennel Club and other popular NFTs in Gifto Store. An interesting function of Gifto is charity. Gifto contributes 0.5% of GFT inflation to Binance Charity.
The Gifto Staking platform allows users to earn GFT rewards by staking GFT tokens. They plan to create ramps to yield farming applications for GFT via autofarm applications.
Speculation in Gifto is a bet on the NFT market. NFTs are a growing market that’s smaller than you think. Statista estimates NFT revenue could grow to $3.546 billion by 2023 and $8.068 billion by 2027.
In detail, NFT revenue increased from $16.18 million in 2020 to $1.574 billion in 2021 and $2.461 billion in 2022, Statista estimates. NFT revenue could be expected to be $3.456 billion in 2023, $4.735 billion in 2024, $5.96 billion in 2025, $7.123 billion in 2026 and $8.068 billion in 2024 year 2027 rise.
The average buyer will spend $70.46 on NFTs in 2023, Statista predicts. Average NFT revenue per user increased from $24.04 in 2020 to $34.57 in 2021 to $55.56 in 2022, Statista predicts. The amount the average user spends on NFTs could be $70.46 in 2023, $85.01 in 2024, $100.30 in 2025, $114.10 in 2026, and $125.20 in 2026 year 2027 rise.
In 2020, there were only 67,000 NFT users, Statista estimates. This number increased to 36.12 million in 2022 and 44.29 million in 2023. Statista forecasts that the number of NFT users will increase to 50.33 million in 2023, 55.7 million in 2024, 59.45 million in 2025, 62.41 million in 2026 and 64.45 million in 2027.
The United States is the largest market for NFTs. The US NFT market could grow to $1.005 billion by 2023.
Mr. Market has a strong interest in Gift (GFT). For example, on February 12, 2023, GFT was CoinMarketCap’s sixth most trending cryptocurrency.
CoinMarketCap gave Gifto a coin price of ₵11.49, a market cap of $114.790 million, a fully diluted market cap of $116.487 million, 24-hour market volume of $87.225 billion, volume of $87.230 million on a centralized exchange (CEX) and a decentralized exchange (DEX) of $25,883. Issued on February 14, 2023.
They base these figures on an outstanding supply of 999.272 million GFT and a total supply of 1 billion GFT. Gifto was CoinMarketCap’s 243rd cryptocurrency on February 14, 2023.
In contrast, Gifto was CoinGecko’s 264th cryptocurrency with a coin price of 11.46₵ on February 14, 2023. CoinGecko gave Gifto a market cap of $114.587 million, a 24-hour trading volume of $85.623 million and a fully diluted valuation of $1114.587 million. They base these numbers on an outstanding and total supply of one billion GFT.
I find Gift (GFT) is a DeFi token that could make money if the NFT market keeps growing. However, I think NFTs need to be more than just a fad for Gifto to achieve tremendous value. So I think speculators need to keep an eye on Gifto, but stay away from it until the NFT market grows to over $100 billion.
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