With Bitcoin price soaring like never before, cryptocurrency craze sweeps the entire nation. The Hindi entertainment industry has also joined the bandwagon to launch non-fungible tokens or NFTs or promote cryptocurrency platforms. The latest entrant in the block is Bollywood megastar Salman Khan. The superstar has recently unveiled GARI — India’s first ever crypto token launched by micro-content, short video application Chingari. Making it official on social media platform Twitter, Khan said, “I am officially launching Chingari’s in app GARI Tokens reward programme & its NFT Marketplace. You can buy my Video NFTs, exclusively on the GARI NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens."
What is a $GARI token?
Short-video application Chingari has stepped into the world of cryptocurrency with its crypto token GARI. A fungible blockchain token, GARI will serve both “as a future in-app currency and a governance token," the company said. The token will be built in partnership with the Solana blockchain.
Why Chingari Introduced GARI tokens for Creators
Social tokens are digital assets backed by an individual, brand or community. “They allow creators to receive more equitable pay and forge deeper relationships within audiences," the company said.
“We introduce GARI as a social token for the community of Chingari creators that will give them governance authority over the future platform developments through the DAO and create a circular economy," the video application further elaborated.
With GARI tokens, Chingari aims to infuse cryptocurrency in the day-to-day lives of content creators and audience. The gradual usuage of token or coins will ensure smooth adoption of tokens in the long run. The simple mechanics of Chingari application will also help new consumers to enter the world of crypto with “familiar short-term tool."
How One Can Use GARI Tokens
The Chingari app users can use GARI tokens both in-and-out of the app to connect and transact with their counter parties, place governance votes, and catalyse platform engagement and user base growth. The Chingari ecosystem is driven by four groups of actors: 1) Content Creators, 2) Viewers, 3) Advertisers, and 4) Developers. GARI token connects all types of stakeholders on the platform.
The app lets users create and share short form videos with the world. Everytime you create a video on Chingari, you get rewarded with Gari Tokens. Users can create and share short form videos via Chingari application. Every time a creator creates a video, he or she will be rewarded with a GARI token.
Viewers can also use GARI tokens for transnational purpose as in to directly buy goods and services from a video or creator profiles. GARI tokens can be used to buy products featured in the video. “Every video that gets uploaded to Chingari is parsed frame by frame and all detected objects are then matched with a live catalog of products and each video becomes shopping enabled in real-time by the time it hits your feed. All these social video commerce transactions will be done using Gari Tokens in the future," the company said.
The social token can be used to stake in governance as a way to vote on the platform direction and get rewarded via APY, as well as help advance the common goal. It can also be used to tip creators to support their work. Tokens can also be used to purchase or unlock exclusive content and services.
“The goal is to empower both creators and viewers with technological and financial instruments to interact directly with each other and have control over the long-term direction of the social economy impacting the platform and the product," the company said.
Chingari will allow content creators to offer courses on Chingari Skills as well as some goods (including digital, such as NFTs) inside their content. “Such transactions involve a fair exchange of an item for its set price, paid in GARI," it further added.
GARI token has been capped to 1 billion in total supply and has an unlock structure to support 200 to 300 million in circulating supply at the end of the first year. “Our mission is to institutionalise the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assests and blockchain,” said Sumit Ghosh, founder, chief executive officer and chairman, Chingari.
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