GARI, an indigenous cryptocurrency token, was launched in India on Saturday. The crypto-token, launched by Chingari, a made-in-India short video app, is also launching its NFT marketplace. GARI will have Bollywood actor Salman Khan as its brand ambassador, who was also present at its launch event in Mumbai. Apart from Salman Khan, other actors, including Vaani Kapoor, Sonali Seygall, Kubra Sait, and other celebrities, including Nucleya and Maniesh Paul were also present at the launch event. The crypto-token GARI has been developed in collaboration with the Solana blockchain. GARI is being advertised as a social token instead of a financial token, where creators will be able to accumulate coins based on their content.
With Bitcoin prices soaring like never before, the cryptocurrency craze sweeps the entire nation. The Hindi entertainment industry has also joined the bandwagon to launch non-fungible tokens or NFTs or promote cryptocurrency platforms. The latest entrant in the block is Bollywood megastar, Salman Khan. The superstar has recently unveiled GARI India's first-ever crypto token launched by micro-content, short video application Chingari. Making it official on social media platform Twitter, Khan said, "I am officially launching Chingari's in-app GARI Tokens reward program & its NFT Marketplace. You can buy my Video NFTs, exclusively on the GARI NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens."
Short-video application Chingari has stepped into the world of cryptocurrency with its crypto-token GARI. A fungible blockchain token, GARI will serve both "as a future in-app currency and a governance token," the company said. The token will be built in partnership with the Solana blockchain.
Social tokens are digital assets backed by an individual, brand, or community. "They allow creators to receive more equitable pay and forge deeper relationships within audiences," the company said.
"We introduce GARI as a social token for the community of Chingari creators that will give them governance authority over the future platform developments through the DAO and create a circular economy," the video application further elaborated.
With GARI tokens, Chingari aims to infuse cryptocurrency into the day-to-day lives of content creators and audiences. The gradual usage of tokens or coins will ensure the smooth adoption of tokens in the long run. The simple mechanics of the Chingari application will also help new consumers to enter the world of crypto with a "familiar short-term tool."
The Chingari app users can use GARI tokens both in-and-out of the app to connect and transact with their counterparties, place governance votes, and catalyze platform engagement and user base growth. The Chingari ecosystem is driven by four groups of actors:
The app lets users create and share short-form videos with the world. Users can create and share short-form videos via the Chingari application. Every time a creator creates a video, he or she will be rewarded with a GARI token.
Viewers can also use GARI tokens for transnational purposes to directly buy goods and services from video or creator profiles. GARI tokens can be used to buy products featured in the video. "Every video that gets uploaded to Chingari is parsed frame by frame and all detected objects are then matched with a live catalog of products and each video becomes shopping enabled in real-time by the time it hits your feed. All these social video commerce transactions will be done using Gari Tokens in the future," the company said.
The social token can be used to stake in governance as a way to vote on the platform direction and get rewarded via APY, as well as help advance the common goal. It can also be used to tip creators to support their work. Tokens can also be used to purchase or unlock exclusive content and services.
Chingari will allow content creators to offer courses on Chingari Skills as well as some goods (including digital, such as NFTs) inside their content. "Such transactions involve a fair exchange of an item for its set price, paid in GARI," it further added.
GARI token has been capped to 1 billion in total supply and has an unlock structure to support 200 to 300 million in circulating supply at the end of the first year. "Our mission is to institutionalize the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain," said Sumit Ghosh, Founder, Chief Executive Officer, and Chairman, Chingari.
The idea is to monetize the talent of creators and empower them through a social platform. Spark wants to make this vision possible with its token GARI. We are sure that GARI will be a significant innovation for the Indian digital and maker economy." Sumit Ghosh elaborates."
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