What is $GARI, India’s first-ever Crypto Token? Know its price here
Chingari claims to be the first social network in India to have issued crypto tokens so far.
New Delhi: As Bitcoin’s prices are soaring to touch the new high, the world is going crazy about cryptocurrencies. The crypto market has seen a major gain in the first half of this year 2021 which has led to the rise of new and young cryptocurrencies.
The last few months may not have been good for the crypto enthusiasts due to many factors but right now Crypto market is on a bull run. Crypto prices have started going up from October 1, 2021.
The Indian entertainment industry has also decided to join this crazy ride. Chingari, Indian short video creation, and sharing application unveiled its’ first-ever crypto-token, ‘$GARI’. The token was launched by Bollywood megastar Salman Khan along with announcing his collaboration with the app as a brand ambassador for its NFT marketplace.
At the event, Salman Khan said, “The creators are shaping the future of entertainment. With the incorporation of the $GARI reward program, the creators will further get motivated to create newer and more engaging videos on the Chingari app. It’s going to be an interesting journey hereon.”
Chingari has managed to bag 50 million monthly active users and almost 85 million downloads to date. Chingari claims to be the first social network in India to have issued crypto tokens so far.
As per reports, the token has been developed using the Solana blockchain technology which is also Indian.
Recently, the short-video sharing platform Chingari completed a funding round of over $19 million from more than 30 venture funds and individual investors.
What is $Gari and how can it be used?
As of now, Chingari has utilised the Indian blockchain Solana to create a digital token that will be circulated on its own platform as the founder said that the crypto token will help creators to make an e-commerce space for physical merchandise.
It can become the native currency of the application in due course. As the video-sharing platform supports adverts there is a possibility that the creators will get the $Gari coin as a reward.
The coin can be looked at as a way to monetize the platform as it will be available for both kinds of users of the platform.