They're just something LJ did to make some extra money and to include another type of gifting on the website. V-gifts are Virtual-Gifts, found Here (). You can buy them for someone for occasions or whatever, they have lots of different things. And they also do charity work - the money they make off of specific gift goes to a foundation.

Anyway, as a paid member they give me 5 free v-gifts every so often. Check you're profile page - that football is free v-gift I sent you. XD

And now you're getting another one. Even if it serves no purpose at all, really.