The launch date for the $GARI token’s public sale has been revealed by short-video platform Chingari in India, which rose to prominence overnight following the ban of TikTok in India.

Social Media Evolution

Popular social media platforms are jumping on the short-video train. However, Chingari is the only infotainment platform that focuses exclusively on creating a creator-first economic system. This comes after the Indian government has banned TikTok and other apps.

Chingari, which was founded in 2018, is the second most popular social media platform in India. It has overtaken the market leaders Facebook (NASDAQ;), Twitter (NYSE;) and Reddit. More than 85 million people have downloaded the Chingari app to date. This demonstrates the demand for short video platforms in India.

Chingari’s team has been dominating the Web 2.0 marketplace for social media apps. They have started adding new features that will allow them to transition Chingari into a Web 3.0 solution, which brings greater value to content creators.

The Native Token is available for public sale

The Chingari team plans to expand on its mission by launching the first public sale ever of the native $GARI token. This will be in November 2021. Salman Khan (Chingari brand ambassador) was the party’s first host and announced that the $GARI token had been launched.

Republic, the biggest global investment firm, is supporting the $GARI public sale. It has helped more than 200 million investors raise funds for crypto startups.

Graham (NYSE:) Friedman is the Director of Public Token Offerings for Republic. He noted that the company can make this new asset class easier to access because it has developed digital currencies and provides clear regulatory guidance.

He believes $GARI is a major step in the switch to tokenomics and brings more monetization options to the Chingari platform.

“Republic is thrilled to support such a dominant Web2 application in their journey towards Web3 and a future where all ecosystem participants can be rewarded for their efforts. We truly believe that the GARI token DAO will set a new standard in how traditional companies can reward their users and build an economy that is both active and meaningful to their users,”
Friedman.

Empowering content creators

Although the Chingari team describes themselves as an online short-video platform, they claim not to compete with other players. The platform is instead focused on Web 3.0 and the problems that content creators have when using Web 2.0 platforms such as limited control over content and minimal opportunities to monetize.

Chingari content producers will now be able retain full rights and create multiple revenue streams through NFT sales and custom merchandise.

Sumit Ghosh, CEO and Co-founder of Chingari, underlines that the public sale of the $GARI token will play a significant role in the platform’s transition to a “creator-first” ecosystem.

“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,”
Ghosh concludes.

Flipside

• Although the platform offers innovative social media solutions, its user base is limited. It will need to be more popular than its competition and demonstrate its value to future and current users.

What are the reasons to care?

Chingari is an Indian social media platform rapidly growing that takes on TikTok, the Chinese giant in Indian markets. The adoption of crypto and the public sale of its native token could play a significant role in the platform’s transition to a “creator-first” ecosystem, ensuring a fairer reward system for the platform’s creators and also representing a breakthrough in the social media market.

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