On Saturday, $Gari, an indigenous cryptocurrency token, was launched in India. Chingari, a made-in-India short video app, is establishing its own NFT marketplace alongside the cryptocurrency. Salman Khan, the Bollywood actor, will be the brand ambassador for $Gari, and he was also present at the launch event in Mumbai. The Solana blockchain assisted in the development of the crypto token. $ Gari is being marketed as a social token rather than a financial token, with artists earning coins according to their contributions.
Chingari, the innovative short video software that competes with TikTok, has launched a new crypto coin. $ Gari is stated to assist Chingari content creators to build their own ecosystem by setting up an “e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund” the artists.
According to Sumit Ghosh, CEO and Co-Founder of Chingari, the platform will allow users to earn crypto tokens by generating or watching content. He explained, “The idea is to monetize creators’ talent and empower them via a social platform.”
Salman Khan, $Gari’s brand ambassador, said in a prepared statement: “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”.
Chingari recently revealed that it had raised over $19 million (approximately Rs. 142.5 crores) in a round of fundraising from more than 30 venture funds and individual investors. According to the business, this round of funding will aid in the development of $Gari and the Solana blockchain.
The cash will also be used to help content creators on Chingari’s platform monetize their work, according to the company.
Bengaluru, India’s short video app, was created in November 2018. The app competes with Instagram’s Reels, MX Takatak, Josh, and Moj, among others.