As blockchain disrupts entrenched internet players, social media is no exception. The growing momentum of Web3 is changing the relationship between platforms, consumers, and creators through tokenization, helping put creators back at the center of the social media value proposition. Amid this changing social media landscape, Indian short video app Chingari (nicknamed Indian TikTok) has connected its community to the Solana blockchain, embracing this evolving, creator-centric model.
Following a successful testnet launch by the community, Chingari launched its revamped mobile app, featuring its native $GARI token, on both Google Play Store (GOOGL) and Apple App Store (AAPL) on February 14, 2022. The $GARI token is based on Solana’s SPL token standard, helping Chingari harness Solana’s features to deliver swift and cost-effective on-chain transactions. The Chingari team also rolled out an in-app wallet, bringing millions of daily users onto the Solana blockchain as part of this launch.
$GARI is at the center of the Chingari ecosystem, supporting incentives and trading. Chingari users can now ‘tip’ their favorite content creators with $GARI through the newly-launched in-app wallet. They can also deposit and withdraw $GARI from the in-app wallet to other external wallets and trade it on prominent global exchanges like FTX, Huobi, OKEx, MEXC Global, and Gate.io.
The launch of the in-app wallet and the introduction of $GARI as the primary driver of the Chingari ecosystem will enable content creators and users to create sub-economies within its platform, thereby unlocking Web 3.0 financial and metaverse opportunities within the video content creation industry. Moreover, content creators can tap numerous monetization opportunities like NFTs and merchandise, and even reward users for watching and sharing the content.
Opening New Opportunities for Creators & Consumers Alike
Chingari has quickly positioned itself as one of the fastest-growing social media platforms by employing blockchain technology. Launched in 2018, Chingari has gradually transitioned into a creator-friendly platform that enables content creators to monetize their content. Initially a Web2 platform, the Chingari team embarked on a significant overhaul in 2020 to integrate blockchain and tokenization to align with Web3 and the metaverse.
The $GARI token was revealed earlier in October 2021, amid much fanfare and hype from Bollywood ‘superstar’ Salman Khan. Following this unveiling, $GARI debuted simultaneously across multiple CEXs and DEXs. $GARI token trading volumes crossed $100 million within a day of its listing, underlining the demand for India’s first social cryptocurrency. At present, Chingari has more than 100 million downloads and over 35 million daily active users, positioning it as the largest social media app in India.
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