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Chingari Establishes First Ever $GARI Crypto Token and NFT Platform

Tali Kon

Chingari launches $GARI token and NFT marketplace, with Salman Khan as brand ambassador

On Saturday, Chingari, a video sharing mobile app, launched their first ever own cryptocurrency token, $GARI. In addition, the platform launched its own NFT marketplace. Bollywood actor Salman Khan,  recently signed as the brand ambassador of the NFT marketplace. The actor also recently revealed his own NFT collection.

The Bengaluru-based startup is now the first social platform in India to supply crypto tokens.

As opposed to most cryptocurrency tokens, $GARI is to act as a social token rather than a financial token. This means creators will be able to obtain tokens based on their content. The purpose of this is “to monetize creators’ talent and empower them via a social platform”, according to Sumit Ghosh, Chingari CEO and Co-Founder.

Creator Empowerment

This new NFT platform aims to modify the Indian creator ecosystem. According to Sumit Ghosh, the goal is to make content monetization more mainstream in India. Furthermore, the company aims to place decision making powers amongst the creators themselves.

The platform will enable content creators to create their own “e-commerce space for physical merchandise and NFT creations”. Moreover, the platform will allow the “fan community to fund the artists on the platform”, according to the company.

The future for $GARI

Chingari confirmed that the company raised over $19 million from over 30 venture funds and individual investors. The funding is to help build and enlarge the value of the $GARI token on the Solana blockchain. Moreover, the funds will also facilitate the monetization of creator content.

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Gosh revealed that next month the $GARI will be available for sale to “accredited and US and non US investors”. Furthermore, the company intends in the future for crypto exchanges to include the token in their listings. With 1 billion $GARI tokens in supply, the Chingari team holds 10% of them.

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