Chingari launches $GARI social token

Chingari, a home-grown short-video platform, has launched digital currency tokens called $GARI and its own marketplace for non-fungible tokens (NFT).

Salman Khan, who recently announced his own NFT collection, has signed on as the brand ambassador for the NFT marketplace. He launched the $GARI programme in Mumbai on Saturday.

$GARI will enable content creators on the Chingari application to set up their own e-commerce space including for physical merchandise, build NFT creations and help people fund their favourite artists, the organization said.

Co-Founder Sumit Ghosh said with the launch of $GARI, Chingari is ready to turn into the “trailblazer of social infotainment platforms” and “will forefront the Indian crypto blitzkrieg”.

“Chingari’s blockchain platform will allow clients to acquire tokens for creating or watching content. The thought is to monetize creators’ talent and empower them by means of a social platform,” said Ghosh, who is also its CEO.

Recently, Chingari brought more than $19 million up in lieu of its token from in excess of 30 venture funds and individual investors. A sum of 1 billion $GARI tokens are in supply, Ghosh told ET. One month from now, the token will open for sale to “accredited US and non-US investors” and will be eventually listed on crypto exchanges. Chingari’s team holds 10% of the total supply.