Neat. I wonder how this problem could be better posed mathematically. Minimize both the number of folds and surface area of wrapping used subject to the constraint the surface of the gift is completely covered? Yikes. It seems like predicting how a fold in the wrapping would affect the available wrapping left to cover the gift would be difficult.
I imagine you could get more usage out of a roll of wrapping paper if you could minimize any paper overlap. But it would take for more time to cut the paper.
Professional at work: https://www.youtube.com/watch?v=1qi8ZXUH_wY
Technique explanation: https://www.youtube.com/watch?v=BQM8KKP-3Oo