Salman Khan, the most recent addition to the block, is a Bollywood megastar. The superstar recently announced GARI, India’s first-ever crypto assets, which was launched by Chingari, a micro-content, short video platform.
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.
Making it official on social media platform Twitter, Salman Khan said, “I am officially launching Chingari’s in-app GARI Tokens reward program & its NFT Marketplace. You can buy my Video NFTs, exclusively on the NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens.”
What is a $GARI token?
Application for short-form video With its crypto token GARI, Chingari has entered the world of cryptocurrencies. A fungible blockchain token, will be used “as a future in-app currency and a governance token,” according to the startup. In collaboration with the Solana blockchain, the token will be developed.
Salman Khan launches $GARI tokens
Social tokens are digital assets backed by an individual, 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.
Chingari’s GARI tokens aim to bring cryptocurrencies into the daily lives of content creators and audiences. The gradual acceptance of tokens or coins will ensure that they are adopted smoothly in the long run. The simple mechanics of the Chingari app will also make it easier for new crypto users to get started with a “familiar short-term tool.”
Uses GARI Tokens
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 actors drive the Chingari ecosystem:
1) Content Creators,
3) Advertisers, and
4) Developers are the four types of people who make content.
On the platform, the GARI token connects all types of stakeholders.
Users can use the app to produce and share short videos with the rest of the globe. Gari Tokens are awarded every time you create a video on Chingari. The Chingari app allows users to create and share short videos. A GARI token will be awarded to a creator each time he or she creates a video.
GARI tokens can also be used for global purposes, such as purchasing goods and services directly from a video or author profile. GARI tokens can be used to purchase the items shown 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 invest in governance as a way to vote on platform direction and earn APY while also helping to achieve the shared aim. It can also be used to reward creators for their efforts. Tokens can also be used to buy or unlock limited-time items 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.
Material providers will be able to include Chingari Skills courses as well as some products (including digital, such as NFTs) in their content.“Such transactions involve a fair exchange of an item for its set price, paid in GARI,” it further added.
The total amount of GARI tokens has been restricted at 1 billion, with an unlock system in place to support 200 to 300 million in circulation supply by the end 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.