The way it works is pretty simple. If you want to give a drink to someone, you buy it on either GiveReal or using the company’s Facebook application. Your friend then gets notified of the gift, enters their own credit card information, and in turn has a credit that can be used whenever they decide to go get their drink. Drinks range from $1 – something of the Milwaukee’s Best variety perhaps – up to $99 for something more like a shot of Louis XIII.
GiveReal sees social networks as the perfect impetuous for buying someone a drink. For example, in the Facebook News Feed, you see activities from friends breaking up, to getting a new job, to celebrating a birthday. All of these occasions call for a drink, and with a price point as low as $1, GiveReal believes it can turn this simple virtual activity into a profitable real-world one.
GiveReal isn’t the first to try this business, but it’s the first we know of that will work everywhere – existing Facebook apps like BarTab only work at certain establishments. Facebook co-founder Eduardo Saverin has given his stamp of approval for the concept and is one of GiveReal’s initial investors. Eventually, GiveReal may expand beyond drinks and turn other forms of virtual gifts into real ones.