A First For Chingari, India’s Leading Social Network, as it Lists its Token on OKEx

By Stan Peterson
January 17, 2022 Updated January 17, 2022
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The $GARI, the native token of the Chingari social media app, is making the headlines today ahead of its listing on the OKEx exchange. This token, which sees Salman Khan, one of India’s most famous celebrities with an amazing 43 million followers on Twitter as its ambassador, was launched at a special event in October 2021. 

Now the $GARI is getting ready to fly higher following its listing on the OKEx exchange, which will see five million $GARI tokens made available to users in South Asia. This will effectively make them stakeholders in the potential success of the Chingari platform.

Chingari is currently the most downloaded app in Google Play, and boasts over 32 million active users. For a platform that just started a few short years ago, that is nothing short of amazing. 

How did Chingari achieve its rapid success?

Some would say, right time, right place for the video streaming app, which swooped in just as TikTok was banned in India in 2019 for security reasons, leaving a gaping market of users who had become accustomed to watching short videos. For the influencers, many who had enjoyed major financial success through TikTok, the launch of Chingari also came as a blessing as it allowed them to recoup their follower bases, with some followers claiming up to 10 million followers and more.

Chingari, though, offers its ecosystem of users something TikTok never could, and that is the chance to monetize their engagement with their favourite influencers. Chingari’s economy is based on the Solana network, which gives users the chance to receive $GARI tokens the more they engage with the content creators. This is a model that has been seen a bit on the blockchain, including with the gaming play-to-earn model but rarely off chain.

The engagement model

For content creators, as well as being able to monetise through their fans, rather than through an advertising model, it also gives them the chance to maintain ownership over their IP and also to sell merchandise, including NFTs on the platform.

OKEx Asia’s CEO, Netero Dai, said

“We are delighted to partner with Chingari as it deepens our commitment to our users in South Asia. Through this partnership, we aim to empower the Chingari App community with revolutionary blockchain technology which will simplify content monetization for creative users of the app. We are always open to alliances with companies which share our vision for blockchain tech.” 

The sale will go live on OKEx at 04:00 UTC on Jan 18, 2022, with a total of five million $GARI tokens available at a unit price of 0.2 $USDT per coin. Users may purchase a minimum of 1 $GARI token and a maximum of 7,500 tokens during the sale. Once the sale is complete, users can then sell their tokens or start trading them against other crypto assets.

Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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