Chingari, the short-video sharing platform focused on empowering creators, has scheduled a November public sale of its native token $GARI. This highly anticipated launch follows a successful year for Chingari after the platform achieved several significant milestones in quick succession.
The platform unveiled the $GARI token launch at an official launch party hosted by Bollywood superstar and Chingari brand ambassador Salman Khan during the first week of October. Republic, a large global investment firm, is spearheading the upcoming public $GARI sale. As anticipation for the $GARI sale heats up amid the growing popularity and mainstream media attention, the Republic team is expecting widespread participation from institutional and retail investors alike.
According to the Republic team,
“Thanks to the maturation of digital currencies and regulatory guidance that provides a clear framework for token offerings, we are able to make this emerging asset class more accessible to qualified Republic investors. $GARI represents a major step forward in switching to blockchain tokenomics, bringing more alternative monetization opportunities to the Chingari platform.”
Graham Friedman, Director of Token Offerings at Republic, notes,
“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.”
Empowering Content Creators While Giving Them Full Control
Launched in 2018, Chingari, the “Indian TikTok,” has exploded in popularity over the years. Following its overhaul to better align its brand values with crypto and become more creator-centric in 2020, the platform has surpassed 85 million downloads. According to the recent ranking list published by leaderboard ranking website SimilarWeb, Chingari is currently ranked 3rd in India for social media apps.
Unlike other existing Web2.0 social content sharing platforms, Chingari, via its $GARI token, strives to give creators more control over their content alongside several alternate revenue generation opportunities through the implementation of Web 3.0 tools. Using the $GARI token, content creators can host NFT sales, custom merchandise, and several other initiatives to better connect with their followers while earning a steady income. Owing to these features, Chingari has attracted some of India’s most talented content creators and social media influencers, adding more quality content for consumers.
Sumit Ghosh, the CEO and Co-founder of Chingari, anticipates that the upcoming $GARI sale will mark a critical step in Chingari’s “creator-first” strategic roadmap. He concludes,
“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 monetisation to become more mainstream in India.”