Barely five months ago "India's TikTok" Chingari bid to create a new "engage-to-earn" economy around social media. But now it has hit another milestone after surpassing 800K active GARI Wallet holders. GARI was launched in late 2021 by the creators of Chingari, a short video app that became popular after the TikTok ban. The app currently has over 30 million monthly active users. The token was intended to help creators on the platform earn crypto rewards for uploading content on the app. With the celebrity endorsement of Bollywood Star Salman Khan, the token managed to retain its value even after the crypto market crashed in June. Because in June 2022, Chingari launched its GARI mining program, creating a daily pool of 50,000 GARI that's distributed to users who create new content, watch videos, like posts, share them, and comment. Of that daily pool, 5,000 GARI is reserved as a daily login bonus.
GARI Network announced on July 13, 2022, that it had hit 800,000 wallet users just a few months following the integration. However, as per the team, only five months have elapsed since the GARI wallet was integrated into the app.
GARI is a social token for the community of Chingari creators. It will give them governance authority over the future platform developments through the DAO (decentralized autonomous organization) and create a circular economy. GARI would enable content monetization to become more mainstream in India and the blockchain platform would allow users to obtain tokens for creating and viewing content. The GARI tokens are awarded to users each time they produce a video on Chingari. GARI token is a social token for the Chingari creators' community, as per the project team. It gives users governance power as they control platform development through a decentralized autonomous organization (DAO).
The GARI Network is a social media platform powered by Web3 that is dedicated to expanding the Chingari platform. India's top brief video application Chingari is a leading social media app in the country following the ban on Chinese apps, including TikTok. The GARI token, enables users to monetize content on the blockchain.
In June this year, Chingari launched its GARI mining program. The rewards have not been insignificant for some users. @newton_omb commented on GARI Network's Twitter thread that he'd seen "amazing returns" of over US$300 so far, and plenty of others have enjoyed similar payouts, and all without doing anything they weren't already doing:
The GARI Mining program is the culmination of Chingari's attempt to revamp the creator economy through the integration of cryptocurrency. By enabling users to earn rewards for the content they create, Chingari says it will help to reduce the reliance on sponsored posts as an income stream. In addition to the rewards, users can also send GARI to their favorite creators as tips if they appreciate their content.
The GARI Network pushed more people to download the Chingari application and register for a GARI wallet. The group has stated that its goal is to have one billion on-chain users join its network.
The Chingari application and GARI keep growing and hit new milestones, notwithstanding the crypto bear market, including 800k wallet signups.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.