Salman Khan becomes the brand ambassador for Chingari

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Source: bollywoodhungama.com

Indian superstar Salman Khan recently announced the launch of India's first social crypto-token, $GARI, at a public event in Mumbai. The token is issued by Chingari, a short-video sharing app, and tech start-up. Khan will be the brand ambassador of the NFT Marketplace and the $Gari Token rewards program.

The crypto token is built in collaboration with the public blockchain platform Solana. $GARI is a token that has cut away from the clutter of the usual crypto-financial token brigade. Instead, it is a crypto social token where creators will accumulate coins based on the content they create.

The creator economy is snowballing in India, with various estimates putting the number of creators across platforms between 80 million and 100 million. The app also offers users a vast song library and content in more than 20 languages.

Chingari, which means 'Spark' in Hindi, really took off in 2020 and currently has over 30 million monthly users and 85 million downloads to date. A rival to TikTok, $GARI hopes to spark the creator ecosystem in India by enabling content creators to build their own ecosystem on Chingari by helping them to create an "e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund their favourite artists," on the platform.

Chingari CEO Sumit Ghosh said, "While the creator economy is burgeoning and creators are becoming a pivotal force of this revolution, we believe that creators should be in charge of how the platform is taking shape. With the introduction of $GARI, we are vesting the decision-making powers back in the hands of the users and enabling content monetization to become more mainstream in India."

Chingari believes its blockchain platform will enable users to obtain the $GARI token by creating or watching content. The primary goal is to monetize creator talent and empower them via this development.

Any video-sharing platform is driven by four significant stakeholders: Content creators, viewers, advertisers, and developers. The $GARI token connects all of them.

Content creators are rewarded with the $GARI token every time they create a video. Since the attention span on video-sharing platforms is limited to 24-48 hours, this will encourage creators to make more videos to earn more tokens. In addition, viewers can use these tokens for transactions on the app. Chingari says that it plans to launch social video transactions on the app in the future where users can buy products shown in creator videos.

"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 recently completed a $19 million funding round that attracted more than 30 venture funds and individual investors. The company said that the proceeds would be utilized to build features to enable creator monetization and build utility of $GARI token across interesting social media use cases.

The funding round was led by Republic Crypto and included other big names such as Galaxy Digital, 11-11 Ventures, and Kraken Ventures, among several others.