- Bollywood actor Salman Khan has signed on as a brand ambassador for the NFT marketplace Chingari.
- On Saturday, he launched the $GARI initiative in Mumbai.
Salman Khan, a long-time supporter of NFT and cryptocurrency, recently unveiled $GARI, the first-ever crypto-token launched by micro-content, short-video app Chingari, as well as announcing his partnership with the app as a brand ambassador for its NFT marketplace and token reward programme in a tweet.
What is Chingari?
Chingari is a mobile video sharing app. Users can add visual effects, lip-sync, dance, or voice over movie scenes and comedic conversations in these movies.
Chingari, which has around 50 million monthly active users and nearly 85 million downloads to date and currently offers customised videos, an extensive song library, hyper-realistic AR filters, and content in more than 20 languages, has reportedly become India’s first social network to issue crypto tokens.
What is $Gari and how can it be used?
Chingari has currently used the Indian blockchain Solana to build a digital token that will be disseminated on its own platform. According to the originator, the crypto token will assist creators in creating an e-commerce space for real merch.
The token will be developed with the help of the Solana blockchain. Collective ownership of social platforms like Chingari, according to Raj Gokal, COO of Solana Labs, can completely upend the creator-platform relationship globally and unlock new monetization models for creators, particularly when combined with Solana’s blockchain, which offers high throughput, low transaction fees, and more.
It has the potential to become the application’s native currency in the future. As the video-sharing platform supports adverts there is a possibility that the creators will get the $Gari coin as a reward.
The currency might be considered a tool to commercialise the platform because it will be available to both types of platform users.
When was this token launched?
Chingari, a social token app, presented its first-ever crypto token, $GARI, at a public event at Taj Lands’ End in Mumbai, with Salman Khan, the film star and the digital start-brand up’s ambassador. Vaani Kapoor, Sonali Seygall, Kubra Sait, Nucleya, and Maniesh Paul were among the celebrities who attended the launch.
“The Creators are shaping the future of entertainment. With the incorporation of $GARI reward programme, the creators will further get motivated to create newer and more engaging videos on the Chingari app. It’s going to be an interesting journey hereon”, said Salman Khan in a statement.
According to Mr. Sumit Ghosh, Chief Executive Officer and Co-Founder of Chingari, the micro-content application is prepared to pioneer the merger of cryptocurrencies with the Indian social infotainment scene with the launch of $GARI.
“While the creator economy is burgeoning and creators are becoming a pivotal force of this revolution, we believe that creators should be in charge of how the platform is taking shape. With the introduction of $GARI, we are vesting the decision-making powers back in the hands of the users and enabling content monetization to become more mainstream in India. Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetize creators’ talent and empower them via a social platform. Chingari through its token $GARI wants to make this vision possible. We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy.” elaborates Sumit Ghosh.
The Indian short-video sharing platform just received over $19 million in capital from over 30 entrepreneurial funds and individual investors. The funds will be used to help the firm develop ‘$GARI’ with Solana, a rapidly emerging crypto technology ecosystem.