Chingari, a short-video app that recently raised $19M to launch a social token, has released its crypto-token called $GARI as well as its own non-fungible token marketplace (NFT).
The $GARI program was inaugurated in Mumbai on Saturday by Bollywood star Salman Khan, who has been taken on as the marketplace’s brand ambassador.
According to the business, $GARI will allow content creators on the app to set up their own eCommerce space, which will include 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 monetise creators’ creativity and empower them,” said Ghosh, who is also the company’s CEO.
Chingari just raised over $19 million from over 30 venture capital firms and private investors. The funds will be used to help the company develop ‘$GARI’ as part of the Solana crypto ecosystem.
The business also intends to develop technologies that will enable creator monetisation and the use of crypto tokens across a variety of social media platforms.
Chingari, which launched in November 2018, allows users to download and publish short movies as well as purchase products within the app. The Bengaluru-based app has a monthly active user base of 50 million and 85 million downloads to date.