Short-video platform Chingari, an Indian app that shot to fame overnight after TikTok was banned in India in June 2020, has unveiled the launch date of the public sale of its native $GARI token.
The Evolution of Social Media
As prominent social media platforms jump onto the short-video bandwagon, Chingari, an infotainment platform focused on constructing a creator-first economy, is single-handedly dominating the Indian social media scene, especially since the government banned apps like TikTok.
Launched in 2018, Chingari is one of the fastest-growing short-video platforms in the Indian market, overtaking market leaders like Facebook (NASDAQ:FB), Twitter (NYSE:TWTR), and Reddit to establish itself as the third most-used social media platform in India. To date, the Chingari app has had more than 85 million downloads, further highlighting the surging demand for short-video platforms in the country.
After dominating the Web 2.0 market for social media apps, the team behind Chingari has started adding more features, allowing them to gradually transition the platform into a Web 3.0 solution that brings more value to content creators.
Public Sale of the Native Token
To expand upon its mission, the Chingari team will launch the first-ever public sale of its native $GARI token in November 2021. This announcement follows the recent launch of the $GARI token at its inaugural party hosted by Chingari brand ambassador and leading Bollywood actor, Salman Khan.
The upcoming public sale of the $GARI token is backed by Republic, one of the largest global investment firms, which has already helped crypto startups to raise more than $200 million from investors.
Graham (NYSE:GHM) Friedman, Director of Public Token Offerings at Republic, noted that, because of the maturation of digital currencies and regulatory guidance that provides a clear framework for token offerings, the firm can make this emerging asset class more accessible to qualified Republic investors.
According to him, $GARI represents a significant step forward in switching to blockchain tokenomics, bringing more alternative monetization opportunities to the Chingari platform.
“Republic is thrilled to support such a dominant Web2 application in their journey towards Web3 and a future where all ecosystem participants can be rewarded for their efforts. We truly believe that the GARI token DAO will set a new standard in how traditional companies can reward their users and build an economy that is both active and meaningful to their users,” said Friedman.
Empowering Content Creators
As a short-video sharing platform, the Chingari team claims not to be competing with existing players. Instead, the platform aims to leverage Web 3.0 to overcome the inherent problems content creators face when using Web 2.0 platforms, such as the limited control over their content and the minimal opportunities for monetization.
With the launch of the $GARI token, Chingari content creators will be able to retain the full rights to their content and establish multiple revenue streams via NFT sales, custom merchandise offerings, and more.
Sumit Ghosh, CEO and Co-founder of Chingari, underlines that the public sale of the $GARI token will play a significant role in the platform’s transition to a “creator-first” ecosystem.
“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,” concludes Ghosh.
On The Flipside
- Even though the platform is introducing innovative solutions to the social media space, it is tied to a geographically limited user base. To attain more widespread, even global, recognition, the platform will have to outperform its competitors in the market, and prove its value to both current and future users.
Why You Should Care?
Chingari is a swiftly growing social media platform that challenges Chinese behemoth TikTok in the Indian market. The adoption of crypto and the public sale of its native token could play a significant role in the platform’s transition to a “creator-first” ecosystem, ensuring a fairer reward system for the platform’s creators and also representing a breakthrough in the social media market.
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