GIFT Weekly Update #3

GIFT

4 min readSep 29, 2021

Welcome to the GIFT weekly update. Back after a short break, the team will be sharing a brief recap of what was announced and accomplished during the previous working weeks.

This week’s update features a spotlight on some of the new products GIFT users can expect to see on the updated GIFT platform.

Product Announcement #1: GIFT NFT Sending

Sending NFTs shouldn’t have to be expensive and complicated. Introducing GIFT NFT Sending, which enables users to send NFTs from peer-to-peer in a cheap and easy way.

Here’s how it works:

User approves their NFT on the GIFT platform and pays the small BNB fee.
User receives a custom link to share with the recipient.
After clicking the link, the recipient can redeem the NFT into their crypto wallet.

Gifting someone an NFT has never been easier! Initially available on the Binance Smart Chain, the GIFT NFT Sending will quickly be expanding to become multi-chain compatible.

Product Announcement #2: Large Cap GIFT Bundle

Why send just a single crypto gift card to your friend?

Introducing the Large Cap GIFT Bundle, which enables users to send multiple top cryptocurrencies in a single pack!

Here’s how it works:

User selects their cryptocurrencies ($BTC, $ETH, $ADA, $DOGE, $DOT, and more to choose from) for the GIFT Bundle.
User selects the Bundle value and pays a single payment in BNB.
The recipient gets their custom link and redeems their tokens — getting a wallet full of top cryptocurrencies in just a few clicks!

Product Announcement #3: GIFT USD Redeemable Vouchers

Sometimes, it can be fun to give someone a choice as part of their gift.

Introducing GIFT Redeemable Vouchers, which enables the gift recipient to choose what cryptocurrency they would like to redeem at the moment of redemption!

Here’s how it works:

User selects their BUSD voucher amount and pays on the GIFT platform.
They share the custom link with the recipient.
Upon redemption, the recipient can choose what crypto they would like to redeem into.

If you want to introduce your friend to cryptocurrency, enabling them to “learn by doing” and choose which crypto to redeem themselves is one of the best ways!

Platform Update: GIFT Referral System

The GIFT Referral system is designed to incentivise influencers, projects and individuals to continuously market the GIFT platform and its products to their audience/community members.

How does it work?

Any individual, influencer or token community can register to receive a referral link.
Whenever somebody uses that link to buy GIFT products, fees paid in BNB accumulate which the referer can withdraw at any time
When a user buys a GIFT product, that crypto wallet is forever tied to the person who referred them to the GIFT platform. This enables influencers and crypto teams to get lifetime revenue when they bring a first time customer to the GIFT platform.

For example, let’s say a promising crypto project called “TOKEN X” encourages their community members to send “TOKEN X” as a crypto gift to their friends and family who are new to crypto. Any time somebody uses the “TOKEN X” GIFT referral link, the TOKEN X team will earn a fee. Any time any of those new individuals makes their own transaction on the GIFT platform, the TOKEN X team will continue to earn fees.

This system is a simple, impactful way for both crypto communities and influencers to earn consistent passive income from sharing their token and introducing new users to that specific cryptocurrency. It’s a win-win for everyone involved!

GIFT Staking FAQs Explained

Staking is now live on the GIFT platform. For a limited time, staking will be offering a fixed rate of 100% APY until the new GIFT platform is live.

Some things to note about GIFT Staking:

There is no transaction fee or platform fee on GIFT staking (or farming)
The sGIFT tokens you receive is not meant to be a 1:1 ratio with the GIFT Tokens you stake, so it won’t show your exact number of GIFT. It’s just a value you get given to represent your share of the staking pool. If you were to unstake, you’d see that no GIFT has been taken away, and that you have in fact gained yield through staking.
The BNB fee is a penny Gas fee, which is charged on all transactions sent through the blockchain.

In the diagram below, the GIFT and sGIFT staking system is explained.