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Chingari's GARI Crypto Token Crosses 1.5 Million Holders

By: Business Desk

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Last Updated: November 03, 2022, 10:58 IST

New Delhi, India

GARI, the social tokens, will be awarded to Chingari creators and users for doing in-app activities.

GARI, the social tokens, will be awarded to Chingari creators and users for doing in-app activities.

The GARI token can be used by the content creators on the Chingari app to monetise their content on the blockchain.

Crypto token GARI has crossed the mark of 1.8 million holders in just eight of its integration into the short video-sharing app, Chingari. The GARI token can be used by the content creators on the Chingari app to monetise their content on the blockchain. The GARI token functions on Solana, a public blockchain platform. GARI’s exponential growth has resulted in it being the second-biggest project on the Solana blockchain.

Users on the Chingari app gain GARI crypto tokens by finishing in-app activities under the GARI Mining program. These activities include watching and uploading videos and commenting on them. The popularity of these tokens is evident from the holder base jumping from 600,000 within the first three months of its launch to 700,000 in July 2022. Following this, the social token hit the milestone of 1 million token holders in August. As of October 31, the number of token holders had surpassed 1.5 million.

This is a big proportion of the Chingari app’s 5 million daily and 40 million monthly active users.

Remarking on the milestone, the CEO and Co-Founder of Chingari, Sumit Ghosh, said, “The 1.5 million GARI active wallet users demonstrate the community’s belief in our project. We have introduced several initiatives like video NFT marketplace, Audio rooms, and GARI mining to empower our users."

Ghosh highlighted Chingari’s ambitions for the future, stating, “We are on the path of onboarding 1 billion on-chain users and are confident that we will achieve the feat in near future."

In August 2022, Chingari launched the world’s first video non-fungible token marketplace, Creator Cuts. The concept focused on minting marquee videos from Chingari’s top creators as video NFTs. The app owners had then said that buyers of these NFTs would receive one-tenth of the daily income in GARI earned by the creator via engagement on their videos on the Chingari app.

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first published:November 03, 2022, 10:58 IST
last updated:November 03, 2022, 10:58 IST
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