Short-video app Chingari launches crypto token $GARI, Salman Khan to be brand ambassador

Short-video app Chingari has launched its cryptocurrency token $GARI. The company is also launching its own non-fungible token (NFT) marketplace.
 
Salman Khan, who recently announced the launch of his static NFTs on Bollycoin, will be the brand ambassador for Chingari's NFT marketplace and the $GARI token reward programme. The actor was also present at the launch programme on Saturday.
 
"$GARI aims to transform the creator ecosystem of the Indian sub-continent by enabling creators to set up their e-commerce space that includes physical merchandise, NFT creations and the ability for the fan community to fund their favourite artists," the company said in a release.

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The Bengaluru-based startup said it is the first social network in India to issue crypto tokens.
 
"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," Chingari co-founder and CEO Sumit Ghosh said.
 
The blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetise creators' talent and empower them via a social platform. Through $GARI, Chingari wants to make this vision possible. "We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy," Ghosh added.

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The startup, which lets users download and upload short videos and shop for the merchandise within the app, among other things, recently completed a funding round of over $19 million from more than 30 venture funds and individual investors. It has 50 million monthly active users and 85 million downloads to date.
 
Commenting on the launch of the crypto token, Salman Khan said, "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."