Application for short-form video Chingari has entered the cryptocurrency world with its crypto token GARI. Learn what a crypto token is and how to use it. GARI, India’s first crypto token is launched by salman khan.
The cryptocurrency craze has swept the entire country, with Bitcoin prices skyrocketing like never before. The Hindi entertainment industry has also jumped on board, launching non-fungible tokens (NFTs) and promoting cryptocurrency platforms. Salman Khan, the latest entrant, is a Bollywood megastar.GARI — India’s first-ever crypto token launched by micro-content, short video application Chingari — was recently unveiled by the superstar. Officially announcing it on the social media platform Twitter; Khan said, “I am officially launching Chingari’s in-app GARI Tokens reward program & its NFT Marketplace. You can buy my Video NFTs, exclusively on the GARI NFT Marketplace. Cheers to a new chapter in Content Creation & Monetisation!!! #ChingariKiGari #GariTokens.” GARI, India’s first crypto token is launched by salman khan. what is it & how can you use it?
What is a $GARI token?
Application for short-form video Chingari has entered the cryptocurrency world with its crypto token GARI. GARI, a fungible blockchain token, will serve “as a future in-app currency and a governance token,” according to the company. The token will be created in collaboration with the Solana blockchain.
Social tokens are digital assets that are backed by a person, brand, or community.
“They allow creators to receive more equitable pay and forge deeper relationships within audiences,” the company said.
“We introduce GARI as a social token for the community of Chingari creators; that will give them governance authority over the future platform developments through the DAO; and create a circular economy,” the video application further elaborated.
Chingari’s GARI tokens are intended to infuse cryptocurrency into the daily lives of content creators and audiences. The gradual use of tokens or coins will ensure the long-term smooth adoption of tokens. The simple mechanics of the Chingari app will also assist new consumers in entering the world of cryptocurrency with a “familiar short-term tool.”
How One Can Use GARI Tokens
Users of the Chingari app can use GARI tokens both inside and; outside of the app to connect and transact with their counterparts; cast governance votes; and catalyze platform engagement and user base growth. Four groups of actors drive the Chingari ecosystem: 1) Creators of content; 2) Viewers, 3) Advertisers, and 4) Developers The GARI token connects all stakeholders on the platform.
The app allows users to create and share short-form videos with the rest of the world. Gari Tokens are awarded to you every time you create a video on Chingari. The Chingari application allows users to create and share short-form videos. Each time a creator makes a video, he or she will receive a GARI token.
Viewers can also use GARI tokens for transnational purposes; such as buying goods and services directly from a video or creator profile. GARI tokens can be used to purchase the products shown in the video.
“Every video that gets uploaded to Chingari is parsed frame by frame; and all detected objects are then matched with a live catalog of products and; each video becomes shopping enabled in real-time by the time it hits your feed. All these social video commerce transactions will be done using Gari Tokens in the future,” the company said.
The social token can be used to stake in governance as a way to vote on platform direction; and be rewarded with APY while also advancing the common goal. It can also be used to support creators by tipping them. Tokens can also be used to buy or gain access to exclusive content and services.
“The goal is to empower both creators and viewers with technological and; financial instruments to interact directly with each other and; have control over the long-term direction of the social economy impacting the platform and the product,”; the company said.
Chingari will allow content creators to offer courses on Chingari Skills as well as some goods (including digital; NFTs) inside their content. “ Such transactions involve a fair exchange of an item for its set price, paid in GARI,” it further added.
GARI token has a total supply cap of one billion and; an unlock structure that will support 200 to 300 million in circulating supply at the end of the first year. “Our mission is to institutionalize the space; and promote the growth and advancement of the underlying ecosystem; and technology behind digital assets and blockchain,” said Sumit Ghosh, founder, chief executive officer, and chairman, Chingari.
Source: News18