The Chingari app was originally introduced in 2018 and is now today’s “go-to” app for social media users in India. Chingari is a Hindi word that means “spark,” and their target users are aged between 14 and 35.
The New Entrant to the Crypto Token Market: Chingari
Chingari, the social media network for sharing short-form movies that has had over 78 million downloads, has garnered $19 million in investment from over 30 venture capital firms and private investors.
The business began developing the token on the Solana blockchain six to nine months ago. On November 2, the token, GARI, launched on sale to the general public. The firm had then raised $19.84 million from the general public by November 5.
GARI’s integration into the Chingari platform intends to provide a fair playing field for all producers to monetize their work through tipping, non-fungible tokens (NFT), influencer marketing, adverts, and course sales. Salman Khan has started an NFT marketplace where fans can purchase his video NFTs.
Chingari has big aspirations for development, with over $40 million in the bank. The money will be used to help the company create its ‘GARI’ coin in collaboration with Solana, the world’s fastest-growing crypto ecosystem. Additionally, the funds will be utilized for real-time blockchain tests, building the Chingari Integration beta, and assisting along with the GARI token sale.
According to Chingari, these tokens will be critical for the platform since they’ll allow producers to profit from merchandising and setting up their own e-commerce area. Users will also be able to show their support for their favourite musicians.
Republic Crypto, Solana Capital, Kraken Ventures, LLD Capital, Long Term Ventures, CSP DAO, Galaxy Digital, Alameda Research, and others are among the leading firms that have participated in the platform’s fundraising program.
Chingari’s Social Token App: GARI
Chingari, a social token app, presented its first-ever crypto-token, ‘GARI’.
Salman Khan, the film star and the digital start-up brand’s ambassador stated at the release event how the app could be the future of entertainment, and help create fresher and more entertaining films for the Chingari app.
TrueFan, a fan interaction app, has partnered with Chingari to allow movie fans to connect with their favourite celebs and receive personalized video messages and calls.
Chingari has also partnered up with online streaming services like Hoichoi, which makes Bengali videos. Chingari will have short-video snippets and dialogue, just like other streaming platforms in India – like ALTBalaji. There will also be video memes that will be available on a separate page.
Filamchi, a Bhojpuri film channel, has signed a strategic collaboration with the platform to live broadcast movie premieres.
On Saturday, the Bhojpuri film Loha Pahalwan premiered on Chinagri and the Filamchi TV channel, marking the start of the relationship.
Chingari’s adoption has received a boost after the ban of TikTok. It has garnered a huge user base and is competing with rivals like Instagram Reels. Indians are also downloading the app in millions and attracting the attention of investors.
As a result, Chingari was able to raise $40 million in just 24 hours. The amount is quite significant when we compare it to the average funding raised by ICOs around the world.
For example, Ethereum raised only $12.7 million in 2014 after it went live. Successful ICOs have raised more, but $40 million is still among the highest considering the average ICO funding.
India is an emerging market and ranks 2nd in cryptocurrency adoption globally. It looks like Chingari could become a top contender in the Indian crypto market and could also be the pioneer in delivering disruptive technology that transforms the Indian entertainment industry.
Chingari is built on the Solana blockchain, a favourite of investors. Solana is also the 4th biggest cryptocurrency in the world and is currently trading at $175.38. The project is also still receiving funding of millions from top investors.
As a result, Chingari has a huge potential for the Indian and the international market and the GARI token could even become the Indian version of Bitcoin in the coming days.