Yes, certainly.

My first giveaway was CS:GO which is worth a bit of money and progressed me to level 1 from level 0.
However, the levelling system is such that each level is dictated by the value of the game you gave away in the previous level.
SO in order to progress to level 2, you must 'beat' your value in level 1, you get me?
So let's say you give away a game worth £2 as your first, that would jump you to level 1 , and to achieve level 2 you only have to give away £4 worth of gear. In my case, I gave away a £15 game and got level 1, and had to give away £30 worth of gear to achieve level 2.
The value might not be doubled, each level, but it is dictated by the previous level.
And you're gonna want your levels up cos it opens up to more exclusive and often better giveaways.
Good luck with it friend, I don't think i've misinterpreted any of the rules, and if I have I apologise, but as far as I know that's how it all works.

What he means to say, is that no matter how expensie your 1st giveaway is, you'll only be able to earn 1 level. And to my understanding, NRGKO implies that you should have given away a cheaper game first, earned level 1 and only then given away this game, which would have earned you level 2.