$Gari, an indigenous cryptocurrency token, was launched in India on Saturday. The crypto token, launched by Chingari — a made-in-India brief video app — can be launching its personal NFT market. $Gari can have Bollywood actor Salman Khan as its model ambassador, who was additionally current at its launch occasion in Mumbai. The crypto token has been developed in collaboration with the Solana blockchain. $Gari is being marketed as a social token as a substitute of a monetary token, the place creators will have the ability to accumulate cash primarily based on their content material.
The new crypto token was launched by Chingari, the indegenious brief video app launched to rival the likes of TikTok. $Gari is alleged to assist content material creators on Chingari create their very own ecosystem by creating their very own “e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund” the artists on the platform.
Chingari CEO and Co-Founder Sumit Ghosh mentioned that the platform will permit customers to acquire crypto tokens for creating or watching content material. “The idea is to monetize creators’ talent and empower them via a social platform,” he mentioned.
$Gari’s model ambassador Salman Khan mentioned in a ready assertion: “The Creators are shaping the future of entertainment. With the incorporation of $GARI reward programme, 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 introduced that it lately accomplished a spherical of funding and gathered over $19 million (roughly Rs. 142.5 crores) from greater than 30 enterprise funds and particular person buyers. As per the corporate, this spherical of funding will assist them additional develop $Gari together with the Solana blockchain.
Chingari says it would additionally use the funds to assist content material creators on its platform monetise their content material.