India’s short-video app Chingari recently launched its first NFT (non-fungible tokens) marketplace and first-ever crypto tokens, $GARI.
With $GARI, Chingari targets to transform the creator ecosystem of the Indian sub-continent by allowing its onboard content creators to set up their own ecommerce space including physical merchandise, help people fund their favourite artists, and build NFT creations.
Co-founder and CEO Sumit Ghosh said with the launch of $GARI, Chingari is poised to become the “trailblazer of social infotainment platforms” and “will forefront the Indian crypto blitzkrieg”. He added,
“Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetize creators’ talent and empower them via a social platform,”
Chingari had recently raised more than $19 million funding from over 30 individual investors and venture funds. Some of the firms that participated in this funding round include- Solana Capital, Galaxy Digital, Republic Crypto, Alameda Research, Long Term Ventures, Valor Equity Partners, and Afton Capital among others.
This funding round will help the firm to further develop $GARI together with the Solana blockchain. The startup claims that it will also use the fundraise to help content creators on its app to monetize their content.
According to the company, about $1 billion $GARI tokens are in supply. By next month, Chingari plans to open its token sale to “accredited US and non-US investors” with an ultimate aim to be listed in crypto exchanges. The startup holds 10 percent of the total supply.
To create an alternate stream of revenue for itself and its creators on the platform, in February 2021, Chingari had entered the video commerce market.
Founded in 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatama Nayak, Chingari enables its users to upload and download short videos and shop for merchandise on the app, among other services. The company boasts of 50 million active users per month, and 85 million downloads to date and competes with apps like MK Takatak, Instagram Reels, Moj, and Josh.
The founders are confident that Chingari will soon be India’s fastest-growing ‘Social Token App’.