Making his way further into the NFT and cryptocurrency space, Bollywood megastar Salman Khan recently unveiled $GARI, the first-ever crypto-token launched by micro-content, short video application Chingari, along with announcing his collaboration with the app as a brand ambassador for its NFT marketplace and token reward program in a tweet.
Speaking at the occasion, he 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.”
With this foray, Chingari, which currently offers customized videos, an extensive song library, hyper-realistic AR filters, and content in more than 20 languages and has around 50 million monthly active users and almost 85 million downloads to date, has reportedly become India’s first social network to issue crypto tokens.
Notably, the token will be built in partnership with the Solana blockchain. Raj Gokal, COO of Solana Labs mentioned how collective ownership of social platforms like Chingari can completely upend the creator-platform relationship globally and unlock new monetization models for creators, especially in confluence with Solana’s blockchain, which offers high throughput, low transaction fees, and more.
The underlying vision herein, per the founders, is to empower the creators via these social tokens by allowing them to monetize their content by setting up e-commerce spaces that can potentially include merchandise, NFT creations, and more.
Mr. Sumit Ghosh, Chief Executive Officer and Co-Founder of Chingari said that with the launch of $GARI, the micro-content application is poised to pioneer the integration of cryptocurrency and the Indian social infotainment scene“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’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 through its token $GARI wants to make this vision possible. We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy.” elaborates Sumit Ghosh.