Chingari Seeks to Fuel Creator Economy with $ GARI Crypto Token and NFT Marketplace

The short video app Chingari unveiled its very first crypto token $ GARI at a public event on Saturday at the hands of Bollywood megastar Salman Khan. It will become the first social network in India to issue crypto tokens. The platform is launching its own NFT marketplace.

Khan will be the Brand Ambassador for the NFT Marketplace and the $ GARI Token Reward Program. India’s popular short-video-sharing platform recently raised $ 19 million from more than 30 venture capital funds and individual investors.

The funding will help the company build $ GARI with Solana, the fastest growing ecosystem in crypto technology. The company also plans to build features to enable creator monetization and expand the utility of the $ GARI token in interesting cases of social media users.

Some of the biggest companies that participated in the funding round are Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures, Blackpine, NGC, Coinfund, LD Capital, 11-11 Ventures, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital and CSP DAO, among others.

With a vision to establish “Social Tokens” as the future of community platforms, $ GARI aims to transform the ecosystem of creators in the Indian subcontinent by enabling creators to configure their e-commerce space which includes physical goods. , NFT creations and the possibility for the fan community to fund their favorite artists.

“Creators are shaping the future of entertainment. With the incorporation of the $ GARI reward program, creators will be more motivated to create newer and more engaging videos on the Chingari app. It will be an interesting trip here, ”Khan said in a statement.

Chingari CEO and co-founder Sumit Ghosh said the platform is poised to pioneer social infotainment platforms and will be at the forefront of India’s crypto-blitzkrieg. “Chingari’s blockchain platform allows users to obtain tokens to create or watch content. The idea is to monetize the talent of creators and empower them through a social platform. Chingari through his $ GARI token wants to make this vision possible. We are certain that $ GARI will be a revolutionary invention for the Indian digital and creative economy.

Founded in November 2018, Chingari allows users to upload and download short videos and purchase merchandise in the app, among others. It has 50 million monthly active users and 85 million downloads so far. Since its redesign in June 2020, Chingari has worked to fill the void created by India’s TikTok ban.

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