Global social media and broadcasting platforms such as YouTube, Instagram, Facebook have allowed anyone to easily create content and build a fanbase of followers and consumers. However, the bulk of revenue generation on such platforms remains heavily dependent on advertising revenue.
The Universal Gifting Protocol seeks to enable content producers across any content platform to receive gifts from their fans. These virtual gifts will exist independently from any platform and retain their properties without any centralized controlling mechanism. Each virtual gift will be implemented as a smart contract on Ethereum blockchain, enabling the virtual gifts to exist, be owned, and be transacted independently from any particular content platform or system. This will serve to reduce the dependency of content producers on their publishing platforms to secure revenue for their work, and, by extension, reliance on advertisers. The proposed currency for transacting in the virtual gifts is Gifto Tokens, which will be deployed as an ERC20-standard token on the Ethereum blockchain. Gifto Tokens will also be used to incentivize and motivate an ecosystem of participants to help create, curate, and redeem virtual gifts.*
*Quoted from Bitcoin official white paper
Official website: https://gifto.io/#/