As Tik Tok were banned from India, Chingari swooped in to claim the crown. And how they did. Within a very short period, a matter of days, they saw a remarkable 10 million app downloads and that number is still growing fast. As of October 2021, Chingari has 85 million downloads; and is rapidly speeding past market leading social media platforms like Reddit, Twitter, and even Facebook, in India.
Silver lining for creators
India banned Tik Tok along with 59 other Chinese apps, with claims that China was storing and using India’s user data. ByteDance-owned TikTok was the most renowned app in that list, and was massively popular in India. This left a hole in the market and some very unhappy content creators that had built their fanbases up, and their income along with it.
Chingari, like Tik Tok is a social short video streaming platform, however, unlike Tik Tok it uses the dynamic blockchain technology to push the capabilities of the use case further. Creators and their fans are being rewarded in a highly engaging business model. Chingari places the creator experience at the heart of the platform. It builds bridges between the creators and fans, and builds an economy whereby creators can sell their own NFTs and merchandise, thus attracting some of India’s most influential celebrities and video creators.
Now, Chingari is launching the world’s first ever social token, known as the $GARI. The token will be used inside the Chingari platform, but first it will be at the center of a public sale, with the goal of reaching millions of dollars for the new crypto. This follows hot on the heels of a private fundraising round, which saw the app bring in a massive $19 million from private funders, including Republic Crypto, Alameda Research, Kraken Ventures and Galaxy Digital.
Pushing the boundaries of social blockchain projects
The money from both the private and public fundraising rounds will go to the development of the app and to build engagement, and bring in users from across the globe, in a pursuit that may well give Tik Tok a run for its money.
Chingari launched its $GARI token several weeks ago and announced major Bollywood superstar Salman Khan as their brand ambassador. Leading the sale of the tokens is specialist fundraiser Republic, a significant force within the crypto industry and one that has brought in over $200 million to crypto firms so far.
The company said, “While the creator economy is burgeoning and creators are becoming a pivotal force of this revolution, we believe that creators should be in charge of how the platform is taking shape. With the introduction of $GARI, we are vesting the decision-making powers back in the hands of the users and enabling content monetisation to become more mainstream in India.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
