Brief-video platform Chingari, an Indian app that shot to fame in a single day after TikTok was banned in India in June 2020, has unveiled the launch date of the general public sale of its native $GARI token.
The Evolution of Social Media
As distinguished social media platforms bounce onto the short-video bandwagon, Chingari, an infotainment platform centered on developing a creator-first financial system, is single-handedly dominating the Indian social media scene, particularly because the authorities banned apps like TikTok.
Launched in 2018, Chingari is without doubt one of the fastest-growing short-video platforms within the Indian market, overtaking market leaders like Fb, Twitter, and Reddit to determine itself because the third most-used social media platform in India. Up to now, the Chingari app has had greater than 85 million downloads, additional highlighting the surging demand for short-video platforms within the nation.
After dominating the Net 2.0 marketplace for social media apps, the group behind Chingari has began including extra options, permitting them to progressively transition the platform right into a Net 3.0 answer that brings extra worth to content material creators.
Public Sale of the Native Token
To broaden upon its mission, the Chingari group will launch the first-ever public sale of its native $GARI token in November 2021. This announcement follows the latest launch of the $GARI token at its inaugural get together hosted by Chingari model ambassador and main Bollywood actor, Salman Khan.
The upcoming public sale of the $GARI token is backed by Republic, one of many largest world funding companies, which has already helped crypto startups to boost greater than $200 million from buyers.
Graham Friedman, Director of Public Token Choices at Republic, famous that, due to the maturation of digital currencies and regulatory steerage that gives a transparent framework for token choices, the agency could make this rising asset class extra accessible to certified Republic buyers.
In response to him, $GARI represents a major step ahead in switching to blockchain tokenomics, bringing extra various monetization alternatives to the Chingari platform.
“Republic is thrilled to assist such a dominant Web2 software of their journey in the direction of Web3 and a future the place all ecosystem members could be rewarded for his or her efforts. We really consider that the GARI token DAO will set a brand new normal in how conventional firms can reward their customers and construct an financial system that’s each energetic and significant to their customers,”
mentioned Friedman.
Empowering Content material Creators
As a short-video sharing platform, the Chingari group claims to not be competing with current gamers. As an alternative, the platform goals to leverage Net 3.0 to beat the inherent issues content material creators face when utilizing Net 2.0 platforms, such because the restricted management over their content material and the minimal alternatives for monetization.
With the launch of the $GARI token, Chingari content material creators will have the ability to retain the complete rights to their content material and set up a number of income streams by way of NFT gross sales, customized merchandise choices, and extra.
Sumit Ghosh, CEO and Co-founder of Chingari, underlines that the general public sale of the $GARI token will play a major function within the platform’s transition to a “creator-first” ecosystem.
“Whereas the creator financial system is burgeoning and creators have gotten a pivotal drive of this revolution, we consider that creators ought to be answerable for how the platform is taking form. With the introduction of $GARI, we’re vesting the decision-making powers again within the palms of the customers and enabling content material monetization to develop into extra mainstream in India,”
concludes Ghosh.
Chingari is a swiftly rising social media platform that challenges Chinese language behemoth TikTok within the Indian market. The adoption of crypto and the general public sale of its native token may play a major function within the platform’s transition to a “creator-first” ecosystem, making certain a fairer reward system for the platform’s creators and in addition representing a breakthrough within the social media market.
