The cryptocurrency mania has swept the country, with Bitcoin prices surging like never before. The Hindi film industry has also jumped on board to promote cryptocurrency platforms and launch non-fungible tokens, or NFTs. Salman Khan, the most recent addition to the block, is a Bollywood megastar.
The superstar recently announced GARI, India’s first-ever crypto asset, which was launched by Chingari, a micro-content, short video platform. Khan announced the news on Twitter, “I am officially launching Chingari’s in-app GARI Tokens reward program & 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-form video app Chingari has entered the cryptocurrency realm with its crypto token GARI. GARI, a fungible blockchain token, will function “both a future in-app money and a governance token,” according to the company. The token will be created in collaboration with the Solana blockchain.
Social tokens are digital assets that are backed by a person, 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.
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Chingari’s GARI tokens are intended to incorporate cryptocurrencies into the daily lives of content creators and audiences. The gradual use of tokens or coins will enable the long-term seamless adoption of tokens. The basic mechanics of the Chingari app will also assist new users in entering the realm of cryptocurrency with a “familiar short-term tool.” Also Read: DMart CEO Ignatius Navil Noronha is now a billionaire, here’s what made him so wealthy
How One Can Use GARI Tokens
Users of the Chingari app can utilize GARI tokens both inside and outside of the app to interact and transact with their counterparts, cast governance votes, and catalyze platform engagement and user base expansion. Four groups of actors drive the Chingari ecosystem: 1) Creators of content, 2) Viewers, 3) Advertisers, and 4) Developers The GARI token connects all stakeholders on the network.
The app allows users to produce and share short-form videos with the rest of the globe. Gari Tokens are awarded to you every time you create a video on Chingari. The Chingari program allows users to create and share short-form videos. Each time a creator makes a video, he or she will receive a GARI token.
Viewers can also use GARI tokens for international purposes, including buying goods and services directly from a video or author profile. GARI tokens can be used to purchase the things seen 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 method to vote on platform direction and be rewarded with APY while also advancing the common aim. It can also be used to help creators by tipping them. Tokens can also be used to buy or gain access to special 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 enable content providers to include Chingari Skills courses as well as various items (including digital, such as NFTs) into their material. “Such transactions involve a fair exchange of an item for its set price, paid in GARI,” it further added.
GARI token has a total supply cap of one billion and an unlock structure that will support 200 to 300 million in circulating supply at the conclusion of the first year. “Our mission is to institutionalize the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain,” said Sumit Ghosh, founder, chief executive officer, and chairman, Chingari.