Blockchain Foundry (BCFN.C) has agreed to set up a crypto and NFT gifting platform for Gifty, an outlet owned by Evolve Media, earlier this week, according to a press release.
Getting people involved and interested in cryptocurrencies is a tall order. It’s the exact opposite of user-friendly, involving charts and projections and a technological underpinning that’s not intuitive at all. There’s really no comparison point to start and this is going to continue given how swiftly this sector moves.
“In a space that is evolving so quickly, I was looking for the best partner to execute my vision for our cryptocurrency gifting platform. After interviewing multiple companies, Blockchain Foundry was the clear choice because of their deep understanding of the concept, their impressive track record, and the detail in which they were able to distill our ideas,” said Tommy Maples, Evolve Media founder.
First, Evolve Media is a San Francisco-based creative agency content producer of commercials, TV, and films. Gifty is their newest platform, designed with gifting cryptocurrencies to non-crypto holders. Most folks are likely defeated by the learning requirements for cryptocurrency.
It’s not just the charts and the minutiae of the asset class, but the history, the underlying technology, and sometimes the complexity required in setting up something as fundamental as a wallet. Some of the practices, like how to produce adequate security to protect your investment, can be rather daunting for anyone who isn’t sold on the value of the asset. And that’s just for crypto. Non-fungible tokens represent an entirely different style of investment and an entirely different learning curve.
The new Gifty platform proposes to solve this problem by giving recipients access to their crypto through an e-mail link that take them to their Gifty dashboard, offering access after entering a 2FA (two-factor identification) code sent to their phone.
Hence, we run into they key tradeoff between simplicity of access and use and security. Optimal security means an arduous task for verification, even for the intended user. This isn’t it, but this might be enough to get more people into the space. 2FA is industry standard for most cryptocurrency-related operations nowadays, but optimizing security isn’t entirely necessary if the would-be investor is playing it safe with his holdings and decently knowledgeable about the basics of computer security.
Outside of security related issues, this platform includes educational tools, media and video recommendations from the sender. Features will give recipients the chance to stake their crypto, which is really next level in terms of skill and education to understand but easy to do, but also to re-gift it, perform wallet transfers or cash it out.
“We’re excited to be working with Tommy Maples to continue to take cryptocurrency mainstream by developing his vision for a platform that provides a simple and easy-to-use cryptocurrency gifting experience,” said Dan Wasyluk, CEO of BCF.
The staking feature offers something that no exchange does, making this platform relatively unique. It provides an option to place a maturation date on a cryptoasset gift that will continue to earn rewards until it matures. The gift receiver will be able to access to look and learn about their gift, but won’t be able to do anything with it until it matures.
Grandma’s of the future will be able to use crypto to put away money for little Tommy’s college funds this way.
Here’s Reza with some details and a hilarious dancing grandma.
Altogether a curious addition to a swiftly evolving sector.
BCFN is down a penny today and presently trading at $0.295.
—Joseph Morton
