Fresh off launching its own GIF search engine, Tumblr's now taking the concept full screen. It also comes with fast forward and rewind controls.
Tumblr TV combines GIF discovery with viewing in one interface, which by default simply shows currently trending GIF searches across the Tumblr network. There is a search interface within Tumblr TV, but the focus is really on playback.
The "TV" side of things comes from the fact that GIFs are rendered full screen in all their blocky glory, and you're presented with fast forward and rewind controls to skip between your search results. Which, with my pedantic hat on, should mean it's actually Tumblr VCR, but I digress.
Annoyingly, it's an insular system for the Tumblr network only, with no inbuilt controls for sharing or downloading content except for Tumblr users. At least it can provide that never-ending loop of Wakko Warner GIFs you've been hankering for.