Yes. You and your friends can get free gifts.
To receive a gift, open one of the three chests—the Exile's Chest, Knight's Chest, or Aristocrat's Chest—in the same tab where you can invite friends. Each of the chests has its own corresponding key. However, you must have five keys to open a gift chest. Every 24 hours, you may only send one key each to five friends, but you may receive an unlimited number of keys. You may only collect and use five keys. Keys that your friends have sent you will disappear after 24 hours if you do not claim them.
Please note that the ability to open a chest and send its corresponding key depends on your current level. Between levels 1 and 50, you can send your friends Exile's keys and open the Exile's Chest; between levels 50 and 99, you have access to the Knight's Chest and keys; and between levels 100 and 200, you can use the Aristocrat's Chest and keys.
The chests' contents also vary: the higher a chest's rank, the more valuable the gift it may contain.