Short-Videos Platform “Chingari” Reveals Public Sale Timeline For $GARI Tokens
Chingari, India’s fastest-growing short-videos platform, has announced the launch date of its $GARI token public sale. Per the official statement, the highly anticipated public token sale, spearheaded by Republic, one of the largest global investment firms, is set to begin in November, 2021.
Earlier this month, the Chingari team disclosed its plans for the $GARI token at an official launch party hosted by Bollywood actor and Chingari brand ambassador Salman Khan. Since its major overhaul to shift towards Web 3.0, Chingari has dominated the Indian social media market. Accordingly, Republic is optimistic about the upcoming sale, which will be graced by a consortium of VC firms, institutional investors, and retail investors.
Chingari, which entered the market in 2018, has been on a rolling spree. Not only has the short-video platform dominated the Indian marketplace, filling the void after popular apps like TikTok and several others were banned by the Indian government. As of October 2021, Chingari had amassed more than 85 million downloads, establishing itself as the third most dominant social platform in India, ahead of Reddit, Facebook, and Twitter.
Sumit Ghosh, CEO and Co-founder of Chingari, is positive about the upcoming token sale, remarking “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 monetisation to become more mainstream in India.”
Edging Towards A “Creator-First” Ecosystem
With the $GARI token sale, Chingari begins its strategic journey towards a “creator-first” economy using Web 3.0 technology. Compared to existing Web 2.0 platforms, where creators often face significant hurdles with content ownership and monetization, Chingari focuses on giving creators maximum control over their content while allowing them to leverage multiple revenue streams. The $GARI token will grant content creators newfound abilities to interact with their followers while monetizing the content via NFTs, custom merchandise, and other similar strategies.
Meanwhile, the Republic team, known for helping crypto and startups raise upwards of $200 million, is confident about the upcoming sale. A spokesperson from the Republic team commented, “Thanks to the maturation of digital currencies and regulatory guidance that provides a clear framework for token offerings, we are able to make this emerging asset class more accessible to qualified Republic investors. $GARI represents a major step forward in switching to blockchain tokenomics, bringing more alternative monetization opportunities to the Chingari platform.”
Graham Friedman, Director of Token Offerings at Republic, concludes, “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.”