Review on Gifto by Fabrizio Zampieri
Gifto allows users to reward content creators with virtual gifts (graphics and…
Gifto allows users to reward content creators with virtual gifts (graphics and animations) that can be converted to Gifto Tokens or cash.
Their decentralized virtual gifting protocol, based on Ethereum, can be used on various existing content publishing platforms on the Internet, such as YouTube, Instagram, and Facebook.
Gifto aims to provide an alternative revenue stream for Internet content creators who wish hardly to monetize their work.
Gifto protocol is based on main subjects:
- content creators (creators who produce video, music or art for their fan base);
- virtual gift creators (contributors who create the virtual gift assets, from images to animations. These can also be content creators themselves);
- curators (the experts who reviews and curates virtual gifts for quality, categorization, and pricing).
Gifto project was launched by the Asia Innovations Group, a mobile entertainment company that has experienced a lot of success with using virtual gifts. The company’s flagship product, Uplive, is a live streaming service that allows users to broadcast or watch real-time videos on their smartphones.
On Uplive, users can buy thousands of virtual gifts for live broadcasters. Uplive community has reached 20 million users in over 100 countries, and the platform generated over $100m revenues in 2017. So, the Uplive team decided to develop the universal Gifting Protocol based on these positive experiences. The use of smart contracts to facilitate transactions will allow broadcasters to receive profits directly from viewers, rather than having to go through Uplive, a process that can take up to 30 days. Furthermore, using Gifto tokens, it's not more necessary to process many different fiat currencies on their virtual gift marketplace.
The Gifto team is made of a variety of successful serial entrepreneurs across Asia: CEO Andy Tian is the founder of Asian Innovations Group, his fourth startup; Charles Thach, Chief Crypto Officer, is a experienced banker, as well as an AML/KYC expert. He’s also Invested in Blockchain companies: William Nguyen, Chief Crypto Architect, is a Serial entrepreneur, educator, lecturer and Inventor.
Pros
- -Strong Team: Giftos team is very experienced due to their success with Uplive. They are also very professional (they give weekly updates via medium.com). - Strong community engagement: when users are more engaged in the virtual gifting ecosystem, they will tend to give more (users’ rewarding their favorite content creators with gifts makes the payment process less transactional and more fun and engaging). This means more money for the content creator and for the Gifto platform. - Smart contract efficiency: Gifto uses smart contracts to implement their virtual gifts. Middlemen like Youtube, Uplive or other publishers are removing. Now the payments are made directly from the fan to content creator. - Fair rewards distribution: when a fan purchases a gift with Gifto tokens, the tokens are split to reward all key participants: content creator earns up to 80% as he/she is considered the main contributor to the ecosystem; gift creator earns 5%; gift Curator earns 2% for work done in reviewing the gift created; Gifto platform earns 10% for operational support and maintenance of the ecosystem; the remaining 3% would be accumulated into a rewards pool to be paid out periodically to all viewers/fans as bonus or marketing actions to improve project and activities. - Important partnerships: Gifto has announced a partnership with Tron (TRX). The aim of their partnership is to further monetize decentralized content.
Cons
- - GFO quotation is undervalued. . It's not easy to make people to understand "virtual gifting" Gifto nature.
