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Indian TikTok Competitor Chingari Raises $19 Million For Social Token Development

bitcoinworld.co.in 09 October 2021 06:16, UTC
Reading time: ~2 m

Chingari is an Indian short-form video sharing platform. On Friday, the platform announces raising $19 million through a token sale. More so, Chingari plans to deploy its own social token, $GARI, on the Solana blockchain.

Furthermore, The sale participants include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Blackpine, NGC, Coinfund, LD Capital. Also, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, CSP DAO. Meanwhile, The numbers still reach around 15 others taking part in the sale.

Additionally, The Chingari startup has plans to use the funds and continue building the infrastructure for its $GARI token. Of course, it will enable creators on the platform to establish an e-commerce storefront for their physical merchandise. Also, for their non-fungible tokens (NFTs) or direct payments from fans.

Conclusively, Users will receive $GARI tokens when they watch or upload content on the platform.
Chingari CEO Sumit Ghosh explains,

Then, These tokens can be used to unlock a creator’s special content or to buy a voice or video call with a creator.

Chingari NFTs

Conclusively, individuals can also use $GARI to buy or sell videos on the platform. Notably, they’ll all become NFTs on the Solana blockchain.

“The future of a platform lies in its creators,”

Chingari CEO Sumit Ghosh says in a statement.

“On one side, we have an immense talent pool that needs to be…”
“..explored,and rewarded with an ethical amount of monetization…”
“…On the other side, while crypto experiences a rapid expansion in India,..”
“$GARI is poised to make it mainstream. We are infusing the two,..”
“..through robust strategies and incorporation of the most-promising industry advances.”

Lastly, Chingari boasts to have 80 million users. Which of course, helped fill the short-form video void. Especially, when the Indian Ministry of Electronics & IT halted the more popular app TikTok, with over 1 billion users.

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