GARI is the monetary and governance token of India’s leading video-sharing platform, Chingari. GARI will facilitate creators to monetize their content digitally. This development will facilitate awareness of cryptocurrencies on a large scale.
India’s internet penetration has been on the rise since 2016. With high penetration rates comes higher social media interaction. Tiktok, a video-based social networking application was taking India storm. Tiktok had become the prime spot for social interactions via a variety of short-form videos. The platform was populated with pranks, stunts, jokes, and dance videos. However, Tiktok was banned from India over national security issues. Tiktok was a source of income for a large set of Indian influencers. Banning the application left a huge vacuum in India. One major player that set out to fill in this vacuum is Chingari.
What is Chingari?
Chingari is a Banglore based social interaction startup. Chingari is a video sharing application with features such as effects, dance, and lip-sync. The app was launched by Sumit Ghosh and Biswatma Nayak and Deepak Salvi in November 2018. The application also features a shopping feature for the merchandise within the application. It is currently rivalling the likes of Instagram Reels and MX Takatak. Chingari boasts 50 million monthly active users and 85 million downloads.
Chingari seeks to create a Crypto-Powered Creator Economy. In order to achieve this Chingari set out to enable short-form video creators. Chingari has leveraged blockchain technology to allow creators to monetize their content and earn revenues. To do this, Chingari has launched their own crypto token called “GARI”.
What is GARI Token?
GARI is the social token of Chingari for its creators. It has been termed as India’s first-ever crypto token. It is also the governance token and will give authority to creators over future platform development. The platform will also create an NFT marketplace to sell and buy videos as NFTs. This is likely to improve awareness around blockchain for viewers and creators. This has shown the company’s shifted focus towards web3 and crypto.
In order to launch and build the token on a decentralized exchange, Chingari has partnered with Solana blockchain. Salman Khan also supported and helped in launching the token. The launch took place as an Initial Dex Offering (IDO, used to represent assets hosted on a decentralized exchange, example). These listings are cheaper in terms of cost and instantaneous. Chingari had planned to raise about $16 million through a three-day IDO. However, Chingari has ended up raising about $40 million in the public sale of GARI.
Now, using this token creators will be able to enjoy participation in the developmental decision. Therefore, taking part in the digital creator economy. Not just that, creators can monetize their content on the blockchain through the token. Users can also earn GARI tokens by creating videos on the platform.