The cryptocurrency mania has swept the entire world, with Bitcoin prices surging like never before. The Indian entertainment industry also entered into the bandwagon to promote crypto platform and launched NFTs (non-fungible tokens).
Salman Khan, a Bollywood superstar, is the most recent addition to this wagon.
Bollywood actor, Salman khan recently revealed GARI which is India’s first crypto asset, launched by Chingari (app like TikTok). Megastar Salman Khan said on Twitter that he officially revealed Chingari’s app GARI Token incentive program & its NFT Marketplace. He further went on to say that his video NFTs are available on the GARI NFT Marketplace.
So, what is GARI?
GARI is a crypto token launched by the Indian popular short video’s app, Chingari and officially entered into the realm of cryptocurrencies. According to the company, It is a blockchain based token which can be used both as in-app money and a governance token. The token will use the help of Solana blockchain to develop.
Why Chingari Introduced GARI tokens for Creators?
Digital assets backed by an individual, a brand, or a community are known as social tokens. The company said that it will allow creators to be paid more fairly and establish stronger bonds with their audiences. The company said that through DAO they provide GARI as a social token for the Chingari developers’ community, giving them governance authority over future platform advancements and creating a circular economy.
The GARI token’s objective is to bring cryptocurrencies into the lives of content creators as well as of viewers. The user-friendly design of the Chingari app will also assist the new crypto users to get started with the cryptos.
How to use GARI token?
GARI tokens can be used both inside and outside the Chingari app to interact and transact with counterparties, cast governance votes, and catalyze platform engagement and user base expansion. Four groups of users drive the Chingari ecosystem, and they are Content Creators, Viewers, Advertisers, and Developers. The token will connect all the users within the platform.
The users can use the Chingari app to create and share short videos with the rest of the world. GARI will be awarded to creators for creating contents on Chingari. The token will be given to content creator for creating contents.
Users can use GARI to purchase the products shown in the videos. It can also be utilized for global purposes like purchasing goods and services from a video or creator profile.
According to the firm, all the video posted on Chingari is analyzed frame by frame and all detected objects are then matched with a live database of products, making each video shoppable in real time by the time it reaches your stream. And in the future, all of these social video commerce transactions will be conducted via GARI Tokens.
GARI can also be utilized to reward content creators for their efforts and hard work. It can also have other use cases like buying or unlocking limited-time items & services.
The idea, according to the business, is to empower both artists and viewers with technological and financial instruments to connect directly with one another and have control over the long-term trajectory of the social economy effecting the platform and the product.
There will be only a billion GARI tokens and with the step by step unlocking system put in place to support 200 to 300 million tokens in circulation by the end of the first year.
Sumit Ghosh, the chairman of Chingari, said that their objective is to institutionalize the field and foster the growth and advancement of the underlying ecosystem and technology that underpins digital assets and blockchain.
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Sources for this article
- Featured image for this article is from twitter.com/Chingari_IN