Image source: Chingari
Indian TikTok rival Chingari has finally made good on its long-awaited promise to integrate cryptocurrency into its short video sharing app. The latest update to the platform adds a new, in-app wallet that will enable users to store, spend and trade their $GARI tokens.
The $GARI token is a new cryptocurrency, the native token of the Chingari app. It’s designed to foster an ecosystem of commerce within what is India’s hottest free social app, currently ranked at number one on the Google Play Store in terms of downloads.
Chingari announced its crypto ecosystem plans last year at an event in October, where it launched the $GARI token. The launch party was hosted by Chingari’s brand ambassador, the extremely popular Bollywood actor Salman Khan, who is not only a big fan of the app, but also crypto in general.
Chingari’s hope is that users will be willing to spend $GARI to buy merchandise and unique, video-based NFTs from their favorite influencers, creating a flourishing in-app ecosystem. They’ll also be able to send donations to their favorite content producers on the app, boosting their own profile and content in return. Meanwhile, users will be rewarded with $GARI tokens for watching videos in the app. The in-app wallet will be key to enabling all of this, serving as a secure place to deposit, withdraw, send and receive $GARI tokens.
The $GARI token has already attracted a lot of attention, with a multimillion dollar IDO on the SolRazr platform, followed by its launch on major cryptocurrency exchanges such as FTX, Kucoin, Huobi, Gate.io, OKEx, and MEXC Global, where its trading volume surpassed $100 million within just 24 hours.
Chingari insisted the in-app wallet has undergone extensive testing. The company explained it has already performed a successful testnet launch with select members of the Chingari community last month. More than 500 members participated in that demo, setting up their $GARI wallets and transferring tokens to one another to ensure its features work as expected.
Chingari co-founder and Chief Executive Sumit Ghosh promised the new wallet will be a game-changer for the app, bringing the cryptocurrency experience to millions of new users.
“New and existing users will be able to tip other creators, boost their profile, gain governance rights and experience a lot more features on the app,” he said. “With this, we also move in the direction of being a project with the highest on-chain users.”
If Chingari is successful in introducing $GARI to its community, it will likely also result in a big boost to India’s overall cryptocurrency economy. Chingari’s app has been downloaded more than 100 times and it counts over 35 million monthly active users, so the $GARI token has a massive potential audience. $GARI is an SPL token on the Solana blockchain, known for its fast transaction speeds and low costs, which could further promote the benefits of crypto.
Chingari isn’t stopping here either. Following the launch of its wallet, the next plan on its roadmap will be the launch of a video NFT marketplace, which will allow content creators to create and sell exclusive NFT videos. That’s set for launch sometime in the second quarter, Chingari said.
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.
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