Chingari, Indian short video creation and sharing application has launched its cryptocurrency token called $Gari. The token was launched in India on October 16, 2021, i.e. Saturday. Chingari is also about to launch its own non-fungible tokens marketplace. After being launched in 2018, the Indian short video application was revamped in June 2020 and was found by Sumit Ghosh, Biswatma Nayar (mechanical engineer) and Deepak Salvi (media veteran).
Chingari’s cryptocurrency token has been developed using the Solana blockchain technology, which is Indian as well. However, instead of a financial token, $Gari is being promoted as a social token designed for creators and viewers on the Chingari application. The company says that $Gari will help creators on the platform to create an “e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund” creators on the platform.
What is the $Gari coin and how will it be used?
From what it looks like, the company is utilising the Indian blockchain Solana and has created a digital token that will be circulated on the platform. As the founder has said that the crypto token will help creators to make an e-commerce space for physical merchandise, it might be used in exchange for the physical merchandise as well, becoming the native currency on the application in due course. As the platform also supports adverts, it might be a possibility that the platform will reward creators in the form of Gari coin. As when there is more information, it would be published.
The cryptocurrency token can be looked upon as a way to monetize the platform, as the tokens will be available for both creating and watching content on the platform. Along with the launch, Cningari has also become the first Indian social network to issue cryptocurrency tokens. Upon the launch, Sumit Ghosh says “Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetize creators’ talent and empower them via a social platform. Chingari through its token $GARI wants to make this vision possible. We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy.” elaborates Sumit Ghosh.”