Chingari Short-video App Launches $GARI Social Token, NFT Marketplace

Chingari Short-video App

Salman Khan, who just revealed his NFT collection, has agreed to serve as the NFT marketplace’s brand ambassador. On Saturday, he launched the $GARI initiative in Mumbai.

According to the business, $GARI will allow content creators on the Chingari app to create their eCommerce area, including actual items, develop NFT projects, and help consumers fund their favourite artists.

With the launch of $GARI, Chingari is positioned to become the “trailblazer of social infotainment platforms” and “will lead the Indian crypto blitzkrieg,” according to co-founder Sumit Ghosh.

“Chingari’s blockchain platform will allow users to earn tokens by generating or watching content,” says the company. “The concept is to use a social network to monetize creators’ creativity and empower them,” said Ghosh, also the company’s CEO.

Chingari- Bharat Ka Super Entertainment App

Short video programme that allows you to produce and share beautiful films with the rest of the world uniquely and enjoyably. You may make your videos, dance to your favourite songs, experiment with fun and new AR filters, and lip-sync to your favourite songs and dialogues.

Chingari Short-video App Launches $GARI Social Token, NFT Marketplace

Chingari recently raised over $19 million in cash from over 30 venture capital firms and individual investors instead of its cryptocurrency. Ghosh told ET that 1 billion $GARI tokens are available. The coin will go on sale to “approved the US and non-US investors” next month and will eventually be listed on cryptocurrency platforms. Chingari’s group controls 10% of the overall supply.

Chingari Share Price

According to Ghosh, Chingari has closed a $15 million equity investment round that included OnMobile, Republic, AngelList, and current investors. The funds will help the company develop ‘$GARI’ as part of the Solana crypto ecosystem. The business also intends to develop technologies that will enable creator monetization and the use of crypto tokens across a variety of social media platforms.

Some of the Biggest Firms

Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures, Black pine, NGC, Coinfund, LD Capital, 11-11 Ventures, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO, among others, participated in the investment round.

$GARI aims to transform the Indian subcontinent’s creator ecosystem by enabling creators to set up their eCommerce space, which includes physical merchandise, NFT creations, and the ability for fans to fund their favourite artists, to establish ‘Social Tokens’ as the future of community platforms.

“The artists are shaping the future of entertainment.” The addition of the $GARI reward scheme will further inspire creators to create fresher and more entertaining films for the Chingari app.

Chingari, which launched in November 2018, allows users to download and publish short movies and buy products within the app. The Bengaluru-based app has a monthly active user base of 50 million and 85 million downloads to date.

Chingari Short-video App

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