Chingari launches its first NFT marketplace $GARI, social token

Chingari, a short video app, released its first-ever crypto-token, '$GARI,' on Saturday, kicking off its personal NFT (non-fungible tokens) market. Salman Khan, a Bollywood star, and actress Vaani Kapoor were also present for the event.

More than 30 entrepreneurial funds and individual investors contributed over $19 million to the agency's most recent fundraising round. With the money obtained, the company will develop alternatives to allow creator monetisation and expand the value of the gari token in exciting social media user situations.

Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures, Blackpine, NGC, Coinfund, LD Capital, 11-11 Ventures, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO were among the largest companies that participated in the funding round.

"With the goal of establishing 'Social Tokens' as the future of community platforms, $GARI aims to transform the Indian subcontinent's creator ecosystem by allowing creators to set up their own ecommerce space that includes physical merchandise, NFT creations, and the ability for fans to fund their favourite artists," says the company.'' Sumit Ghosh, Chief Executive Officer and Co-Founder of Chingari, stated in a press release.

Chingari, which launched in November 2018, allows users to download and add short videos as well as shop for items all within the app. The Bengaluru-based competitor of Instagram Reels, MX Takatak, Josh, and Moj now has fifty million monthly active users and 85 million downloads, and the co-founders are certain that it will be India's fastest-growing 'Social Token App.'

Chingari has been working to fill the void left by TikTok's prohibition in India since its redesign in June 2020. Since then, the number of Chingari users is said to have increased dramatically.

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