Chingari Launches $Gari Crypto Token, NFT Market in India With Actor Salman Khan as Model Ambassador

16 October 2021

$Gari, an indigenous cryptocurrency token, was launched in India on Saturday. The crypto token, launched by Chingari — a made-in-India quick video app — can also be launching its personal NFT market. $Gari may have Bollywood actor Salman Khan as its model ambassador, who was additionally current at its launch occasion in Mumbai. The crypto token has been developed in collaboration with the Solana blockchain. $Gari is being marketed as a social token as a substitute of a monetary token, the place creators will have the ability to accumulate cash based mostly on their content material.

The brand new crypto token was launched by Chingari, the indegenious quick video app launched to rival the likes of TikTok. $Gari is claimed to assist content material creators on Chingari create their very own ecosystem by creating their very own “e-commerce area for bodily merchandise, NFT creations, and the flexibility for the fan group to fund” the artists on the platform.

Chingari CEO and Co-Founder Sumit Ghosh stated that the platform will permit customers to acquire crypto tokens for creating or watching content material. “The concept is to monetize creators’ expertise and empower them through a social platform,” he stated.

$Gari’s model ambassador Salman Khan stated in a ready assertion: “The Creators are shaping the way forward for leisure. With the incorporation of $GARI reward programme, the creators will additional get motivated to create newer and extra partaking movies on the Chingari app. It may be an attention-grabbing journey hereon”.

Chingari introduced that it just lately accomplished a spherical of funding and gathered over $19 million (roughly Rs. 142.5 crores) from greater than 30 enterprise funds and particular person buyers. As per the corporate, this spherical of funding will assist them additional develop $Gari together with the Solana blockchain.

Chingari says it’ll additionally use the funds to assist content material creators on its platform monetise their content material.

The quick video app from India was based in November 2018 in Bengaluru. The app rivals the likes of Instagram’s Reels, MX Takatak, Josh, and Moj.

Serious about cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is out there on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.Cryptocurrency is an unregulated digital foreign money, not a authorized tender and topic to market dangers. The data offered within the article shouldn’t be meant to be and doesn’t represent monetary recommendation, buying and selling recommendation or every other recommendation or suggestion of any type provided or endorsed by NDTV. NDTV shall not be answerable for any loss arising from any funding based mostly on any perceived suggestion, forecast or every other info contained within the article.
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