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Post the Tiktok ban in India, the Chingari app became the top video-sharing social media app with a combined community of 75 million-plus members. The social media platform has been actively providing a platform to young and aspiring talent while hosting some of the biggest stars including Kareena Kapoor, Johnny Lever, etc. from Bollywood. It has now partnered with Salman Khan as its brand ambassador and investor. Today, we discover this platform and how crypto investors can benefit from it.
Chingari, as a web3 powered social media platform, seeks to rebuild the fundamentals of online video-sharing and social media platforms given the current state of a handful of industry incumbents holding power over users and controlling the content formats and platform mechanics. The app is moving towards building a creator economy where users get incentivized to make videos via a native token-based reward system and an opportunity to partake in the platform’s governance. Chingari DAO aims to bring the power back to the users via the GARI token - the governance token of the platform.
Built on the Solana Blockchain, the India-born Chingari app is a multi-lingual video-sharing social media platform. The platform enables short-video creators to monetize their content via the GARI token. Over 32 million monthly users create new videos and spend hours actively consuming content. Chingari is the first platform to share 30% of its revenues with its members.
The AI-powered Chingari interface creates a personalized feed for every user by taking into consideration all the anonymous interactions with the content. Each piece passes through a layered system of rigorously trained ML screening algorithms to ensure optimum content moderation. Marketers within the app can seek influencer endorsements directly by contacting the creators while providing the users with an opportunity to buy the product mentioned in the video directly on the app.
The platform has successfully implemented loyalty-based rewards programs, which have led to the astounding adoption of the GARI token. The token registered strong volumes of over $100 million on the first day of trading after it got launched on multiple crypto exchanges simultaneously.
GARI is the native token that serves the purpose of a social cum governance token of the Chingari video-sharing platform. It gives the community of creators governance authority over the future platform developments through community reserve and by creating a circular economy.
The makers aim to bring in gradual sophistication to the token usage to ensure a smooth learning curve for long-term adoption of the token for existing users while at the same time providing a familiar tool to get on board the crypto space understandably.
The token has a total circulating supply of 46 million while its total supply is capped at 1 billion.
The price of the GARI token today is $0.3, after a decline of 30% from the previous day. It has not been listed for long enough to deliver long-term technical analysis. Currently, it has been declining owing to bearish trends in the broader crypto market. It has a trendline resistance located at $0.35 that will need to be overcome and held for bullish momentum.
Source: Kucoin
Earlier, content creators have had limited avenues to make money from their work from web2 social media platforms that often dictate terms, and their algorithms proved unfavorable to small and medium-level creators. Chingari app seeks to undo the damage by bringing decentralization and tokenization to enhance user engagement while rewarding the creators for the hard work they put in via its token-based reward system.
The app makers are already working towards adding more monetization opportunities to the platform, including watch-2-earn, engage-2-earn, and play-2-earn features. With the advent of the web3 internet and gamification in work, the Chingari DAO holds the potential to disrupt and rebuild the creator economy. It actively seeks to build actual employment and monetization opportunities for the young people in India and beyond.
We anticipate early investors in GARI to profit well in the future.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.