Salman Khan Launches ‘$GARI’ India’s First Crypto Token by Chingari

by  EVENTFAQS Bureau Industry Watch | October 19, 2021 | News

Salman Khan $GARI Chingari

Short video-sharing app Chingari, unveiled its ‘first-ever crypto token ‘$GARI,’ by launching its NFT Marketplace, at an event held on 16 October 2021 at Taj Lands’ End in Mumbai by  Salman Khan.

Khan will also be the brand ambassador of the NFT Marketplace and the Gari Token rewards programme.

Bollywood stars Vaani Kapoor and Sonnalli Seygall along with Chingari officials – Sumit Ghosh (Chief Executive Officer), Deepak Salvi (Chief Operating Officer), Biswatma Nayak (Head of Engineering), and Aditya Kothari (Head of Strategy) were present at the launch event.

With a vision of establishing 'social tokens' as the future of community platforms, $GARI aims to transform the creator ecosystem of the Indian sub-continent by enabling creators to set up their e-commerce space that includes physical merchandise, NFT creations and the ability for the fan community to fund their favorite artistes.

Speaking at the launch, actor and brand ambassador Salman Khan said, “The Creators are shaping the future of entertainment. With the incorporation of GARI rewards programme, the creators will further get motivated to create newer and more engaging videos on the Chingari app. It’s going to be an interesting journey hereon.”

Sumit Ghosh, Chief Executive Officer and Co-Founder of Chingari also informed that with the launch of $GARI, Chingari is poised to become the trailblazer of social infotainment platforms and will forefront the Indian crypto blitzkrieg.

“Chingari is the go-to destination for the young millennials, including some of the country’s finest creators. 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 monetization to become more mainstream in India. Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content. The idea is to monetize creators’ talent with an ethical amount of money and empower them via a social platform. Chingari through its token $GARI wants to make this vision possible. We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy,” Ghosh further elaborated.

Recently, Chingari also raised over $19 million in funding rounds from over 30 venture funds and retail investors. The money will help the company build a “$ GARI” in Solana, the fastest growing ecosystem in cryptography. The companies in the funding round includes Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures, Blackpine, NGC, Coinfund, LD Capital, 11-11 Ventures, AU21, Cultur3 Capital, Among other things, Long Term Ventures, Afton Capital, and CSPDAO.

The funds received will be used to develop features that will enable creator monetization and expand the utility of the gari token across a variety of social media use cases.