While we might not be able to agree on the correct pronunciation of "GIF" (hint: it's the one that doesn't sound like the peanut butter brand chosen by choosy moms), we can find some common ground on the animated image format's utility. Giphy, the internet's preeminent GIF repository, has dabbled with custom-GIF tools before, but its GIF Maker is a web app and is pretty basic in terms of functionality. With the latest version of Giphy Capture, the outfit is looking to streamline the creation process from any video source and add a few bits that it didn't have prior.
Unlike GIF Brewery, GIF Capture is free. But, that price tag comes at the cost of space-saving tools like cropping, compression and custom frame-rate settings. We tested a beta of GIPHY Capture 2.0, so things might differ after wide release, but the latest revision changes the spartan app a bit and adds options for calculating output-file size, a trio of presets for framerate (high is 23 FPS, standard is 15 FPS and low is 10FPS) and social sharing buttons. It's not as full-featured as GIF Brewery, sure, but it's also $5 cheaper.
Using the app is fairly straightforward, too. Just drag the capture selection over the video you want to GIF, hit the record button and really, that's about it. From there you can tag, upload to Giphy or share on your social network of choice -- all without leaving the program window. you can save your creation as an MP4 file, too.
It's a lot easier to use than my typical method of capturing a screen video with Quicktime, saving, remembering where in the hell I saved the file, opening with GIF Brewery, tweaking compression algorithm and color depth settings and then exporting. And while the toolset provided might be a little on the slim side, the app was easier for me to get the results I wanted compared to Gfycat and even Giphy's own web tool. The only real downside is that like its predecessor, the application is available exclusively for OSX at the moment.