GARI is India’s first social crypto-token by Chingari. To clarify, Chingari is a short-form video app which allows users to create and share short-form videos with the world. Launched in 2018, the platform has grown rapidly over the past few years. With over 35 million monthly active users it has become the most popular mobile application in the country. Like TikTok, users make short videos such as lip-synching, belly dancing, comedic sketches and fashion tips.
The Idea Of This Token
When a user creates a video on Chingari, he/she gets reward such as GARI Tokens.
According to Sumit Ghosh, CEO and co-founder of Chingari, “$GARI is moving towards its vision to entrust the content curator community. Cryptocurrency in India has been untapped when it comes to the curators. And with $GARI we would be capturing the potential market. With such a great milestone, we shall be maintaining the leadership position across the short video apps platforms.”
The team member noted that GARI, a Solana Program Library (SPL) asset, is useful to “connect and transact with their counterparties, place governance votes, catalyze platform engagement and user base growth”. “The goal is to empower both creators and viewers on the Chingari App with technological tools. It will allow users to interact directly with each other on the Chingari App. They can participate in the long-term direction of the social economy impacting the GARI Token.”
Price Changes and More About GARI
GARI token is available on several exchanges, including HUObi, Global, FTX, KuCoin, Gate.io, MEXC, Global, OKEx.
The price of the GARI token has fluctuated in an area between $0.252 and $0.685 over the past two weeks. After achieving trade status last week on a number of major exchanges including FTX, Kucoin, and Huobi among others, the asset is now looking to establish a level of stability around the $0.51 mark at the time of writing.
According to a Cointelegrap, the Chingari team also added: “We will drop 100 GARI tokens to every Chingari app user who has completed certain tasks in the airdrop campaign…provided the users have completed the KYC. It is one of the biggest airdrop campaigns with around 5 million tokens set aside for the community’’.
In addition, Chingari’s team also plans to launch an NFT marketplace. In this way “creators will be able to mint their videos, sell it as NFT and earn GARI.”
Following nationwide concerns over the Securities and Exchange Board of India’s (SEBI) regulatory intentions on digital assets, the government is preparing to impose a regulatory framework for digital assets, not an outright ban.
Along with this, the Indian government has taken a strong stance to denounce the acceptance of cryptocurrencies such as Bitcoin and Ethereum as legal tender instruments, but rather to pursue the viability of a central bank digital currency (CBDC) government-backed, digital rupee.
By the way, the current price of GARI is $0.555057