$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 own NFT marketplace. $Gari will have Bollywood actor Salman Khan as its brand ambassador, who was also present at its launch event in Mumbai. The crypto token 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.
The new crypto token was launched by Chingari, the indegenious short video app launched to rival the likes of TikTok. $Gari is said to help content creators on Chingari create their own ecosystem by creating their own “e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund” the artists on the platform.
Chingari CEO and Co-Founder Sumit Ghosh said that the platform will allow users to obtain crypto tokens for creating or watching content. “The idea is to monetize creators’ talent and empower them via a social platform,” he said.
$Gari’s brand ambassador Salman Khan said in a prepared statement: “The Creators are shaping the future of entertainment. With the incorporation of $GARI reward programme, the creators will further get motivated to create newer and more engaging videos on the Chingari app. It’s going to be an interesting journey hereon”.
Chingari announced that it recently completed a round of funding and gathered over $19 million (roughly Rs. 142.5 crores) from more than 30 venture funds and individual investors. As per the company, this round of funding will help them further develop $Gari along with the Solana blockchain.
Chingari says it will also use the funds to help content creators on its platform monetise their content.
The short video app from India was founded in November 2018 in Bengaluru. The app rivals the likes of Instagram’s Reels, MX Takatak, Josh, and Moj.