coincodex.com
The non-fungible token space has picked up considerable pace in India with the launch of a new NFT marketplace. Chingari, a rapidly growing short-video platform launched in India as a competitor to Tik-Tok, led the launch and unveiled $GARI, a cryptocurrency token. Chingari launched its app in India in November 2018 and has grown exponentially since then, boasting over 30 million monthly active users and 85 million downloads as of October 2021.
$GARI is a crypto token that powers the Chingari platform. It will be built on the Solana blockchain, and the token can be used by content creators, fans, and brands to transact within the platform. The token can be earned by creating, watching content, sharing content, and engaging with brands. In addition, it can be used to buy merchandise, pay for premium content and in-app purchases.
The main objective of this platform is to help content creators set up their e-commerce space and enable them to build and sell NFT's and physical merchandise. In addition, fans and users of the app would also fund their favorite artists, thereby monetizing the creator ecosystem.
Chingari also raised $19 million in a recent funding round led by more than two dozen venture capital firms and high-profile investors, including OnMobile and AngelList, among others. The funding will help Chingari build and scale $GARI on the Solana blockchain.
Chingari has also roped in Salman Khan to be its brand ambassador. Salman recently launched his NFT collection on Bollycoin and is now the face of $GARI and the Chingari marketplace. Salman is confident about the utility of the token and expects the development will motivate creators.
Khan later tweeted:
"I am officially launching Chingari's in-app GARI Tokens reward program & its NFT Marketplace. You can buy my Video NFTs, exclusively on the GARI NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens”
I am officially launching Chingari’s in app GARI Tokens reward programme & its NFT Marketplace. You can buy my Video NFTs, exclusively on the GARI NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens
— Salman Khan (@BeingSalmanKhan) October 16, 2021
Chingari's vision is to establish 'Social Tokens' as the future of community platforms and empower creators & consumers alike. The $GARI token reward program aims to incentivize creators to create engaging content. The launch of $GARI and the NFT marketplace might very well mark the beginning of a new era for creators and fans. Chingari’s CEO Sumit Ghosh and co-founders Deepak Salvi, Aditya Kothari, and Biswatma Nayak are confident that $GARI will be a groundbreaking invention for the Indian digital and creator economy.