702.174b: On a permanent, the second ability represented by gift is When this permanent enters, if its gift cost was paid, [effect]. On an instant or sorcery spell, the second ability represented by gift is If this spells gift cost was paid, [effect]. The specific effect is defined by the [something] listed
It's an interesting discussion point in theory, but not practical
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You could summon some Squirrels, recur a card, dish out some damage, or get two more rolls
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Alongside having this favorable mana cost, Wrenn and Realmbreaker also provides a lot of utility, especially to five-color decks