What would a blockchain-native gift card standard actually solve — and what new problems would it create?

The theoretical case: on-chain gift cards could be cryptographically verifiable, freely transferable, programmable with expiry rules, fractional, composable with DeFi protocols, and immune to the code-scraping attacks that plague current systems.

The counterarguments: wallet UX is still too complex for mainstream gifting, gas costs add friction, and smart contract vulnerabilities open new attack surfaces. Is there a real product case for blockchain gift cards beyond the whitepaper level?

Has anyone actually built something interesting here that moved beyond proof-of-concept?