It would depend for me the circumstances of receiving the gift. If it was mailed to me, I'd send a written note, or an email. If it was handed to me in person, a verbal thankyou is fine.
In the case of a wedding, you could make a phone call to each person/family, bt becasue of the more formal nature of weddings, often, it's more traditional to write the notes. What's not OK is a verbal, "Thanks everyone for coming and for the gifts" during the wedding toast. Not that I'm suggesting you would do that, OP!