Limitations
Only one item can be wrapped by each sheet of Wrapping Paper.
The item to be wrapped must be non-stackable.
One item of a stackable item cannot be wrapped.
If an item can never be stacked, it can be wrapped.
The item to be wrapped must be non-soulbound (nor any other status that causes the item to be non-transferable).
This is because Wrapping Paper is not intended to provide a loophole in transferability.
The wrapped gift cannot be auctioned; no lootable item can be auctioned.
Until the wrapped item is opened, the original wrapped item is concealed.
The inventory icon for the wrapped item is a wrapped package in one of six color combinations.
The holder of the gift package can open the package without looting it to look inside at the original item.