Indian social networking platform Chingari has announced its ambition to revolutionize the experience of its creator economy of 100 million users through the integration of its native digital asset, GARI, and the cryptocurrency wallet that accompanies it via the Solana blockchain.
Translating the word “Spark” into the Urdu and Hindi languages - a brand image visibly consistent with its flame icon – the Chingari UI often draws parallels with popular Western entertainment services TikTok, Instagram Reels and YouTube Shorts, for its primary focus on short-timed, infinitely accessible video content.
Launched in 2018, the platform has grown exponentially over the past few years, amassing over 35 million monthly active users to become the country’s most popular mobile app on the Google Play Store. As with TikTok, the creators are revered for their entertainment on an array of topics such as lip-syncing, belly dancing, comedy skits, and fashion tips, among others.
Since April 2021, Chingari has secured capital through numerous capital raises, including a $13 million seed round on April 1, a $19 million Series A led by Galaxy Digital and Republic Crypto on October 8 and an initial coin offering of $40 million on November 4. , concluded with a $13.37 million Series A continuation on January 17 of this year.
Cointelegraph reached out to a Chingari spokesperson for an exclusive insight into the platform’s expectations of how the GARI token will enhance the existing experience for creators and fans.
The team member noted that GARI, an asset of the Solana Program Library (SPL), will be used to “connect and transact with their counterparties, place governance votes, and catalyze platform engagement.” -shape and growth of the user base”, before describing:
“The goal is to empower the creators and viewers of the Chingari App with technological tools to directly interact with each other and allow all users of the Chingari App to participate in long-term leadership. social economy term impacting the GARI token.”
Additionally, they revealed future plans to launch an NFT Marketplace where “creators will be able to create their videos, sell them as NFTs, and earn GARI.”
Following nationwide concerns over the Securities and Exchange Board of India’s (SEBI) regulatory intentions on digital assets, an infrastructure bill seen by local news outlet NDTV suggests the government is preparing to impose a regulatory framework for digital assets, not a ban.
Along with this, the Indian government has taken a strong stance to denounce the acceptance of cryptocurrencies such as Bitcoin and Ethereum as legal tender instruments, but rather to pursue the viability of a central bank digital currency (CBDC) backed by the government, the digital rupee.
Related: Crypto Tax Doesn’t Legalize Trade, Says Head of India’s Tax Department
Later in our conversation, Chingari representatives revealed the mechanisms in which the GARI asset will serve as a governance token to foster true decentralization on the platform, stating:
“We’re built on Web3, and Web3 DAO runs on community decisions. Gari holders will be able to stake and earn yield as well as vote on proposals to decide the future direction of the platform.
The price of the GARI token has fluctuated in an area between $0.252 and $0.685 over the past two weeks. After achieving trade status last week on a number of major exchanges including FTX, Kucoin, and Huobi among others, the asset is now looking to establish a level of stability around the $0.51 mark at the time of writing.
After a curious dialogue about the potential of a token airdrop for groups such as early adopters, top creators, or perhaps the 500 community members who participated in beta testing, the Chingari team revealed to Cointelegraph:
“We will drop 100 GARI tokens [to] every Chingari app user who has completed certain tasks in the airdrop campaign…provided the users have completed the KYC. It is one of the largest airdrop campaigns, which was held with around 5 million tokens set aside for the community.