Short-video platform Chingari launches social tokens, NFT marketplace

Homegrown short-video app Chingari has launched crypto tokens, called $GARI, and its own marketplace for non-fungible tokens (NFT).

Bollywood star Salman Khan, who has been signed on as the brand ambassador for the marketplace, launched the $GARI programme in Mumbai on Saturday.

$GARI will enable content creators on the app to set up their own ecommerce space including for physical merchandise, build NFT creations and help people fund their favourite artists, the company said.

Cofounder Sumit Ghosh said with the launch of $GARI, Chingari is poised to become the “trailblazer of social infotainment platforms” and “will forefront the Indian crypto blitzkrieg”.

“Chingari’s 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,” said Ghosh, who is also its chief executive.

Recently, Chingari raised over $19 million from more than 30 venture funds and individual investors.

The funding will help the company build ‘$GARI’ with the Solana ecosystem in crypto technology.

The company also plans to build features to enable creator monetisation and utility of the crypto tokens across social media user cases.

Founded in November 2018, Chingari lets users download and upload short videos and shop for merchandise within the app, among other things. The Bengaluru-based app boasts of 50 million monthly active users and 85 million downloads to date.

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