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hi5 is certainly targeting very specific occasions, unlike other social networks that have more generic gifts for sale. For example, you can now buy a "Rosca" - a cake that Mexicans traditionally eat on January 6th to celebrate Three Kings' Day - or a dreidel, which is a popular toy for children during the Jewish holiday Hanukkah.
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All of the hi5 virtual gifts come "wrapped" so that your recipient can feel like they are really opening it, including the crinkle of the wrapping paper. With a massive international audience in regions like Latin America I think we can expect to see even more culturally specific virtual gifts hitting their store soon.