On-chain social app Chingari has announced plans to pay its creators in cryptocurrency. For this, it will pay creators with its own native token, GARI, from a daily pool of 50,000 tokens, the company said in a press release.
Creators can also use GARI badges, which are non-fungible tokens (NFTs) that a user or creator might purchase in the Chingari app to double their daily GARI profits to up to 10 times, depending on the badge level, and boost their earnings further. These will come in Basic, Bronze, Silver, Gold, and Diamond Badge categories with yield of two times, three times, four, five and 10 times respectively, Chingari said.
According to Chingari, the GARI token is the largest social token in the world, and it allows short-form video makers to sell their material on the Blockchain.
Sumit Ghosh, co-founder and CEO of Chingari and GARI coin, said: Creators and app users may now earn GARI tokens, which can be sold for money on exchanges, and creators will no longer be reliant on brand collaborations as their sole source of income. Annually, the initiative would award Rs. 93 crore (12 million) to authors and consumers.”
Chingari said the crypto community has embraced the GARI token wholeheartedly ever since it was launched. Within just three months of its launch, about 600,000 people have adopted GARI, it said.
“With this rate of growth, we anticipate 1 million active wallet users in the next three months. In terms of the number of holders, the GARI token has risen to the top three projects on the Solana Blockchain,” Chingari said in a press release.
Ghosh further said that the GARI Mining programme will empower 40 million monthly average users.
“It brings us enormous joy to introduce the GARI Mining programme. When we first established Chingari a few years ago, we vowed to democratise the creative economy, and GARI Mining is at the forefront of that effort. This scheme will ensure that both big and small innovators have an equal playing field,” he added.
According to the company, Chingari is one of the top-20 most downloaded applications in the world, with over 130 million users and over five million daily active users watching videos in 15 languages. The app features videos in a variety of genres, such as dancing, singing, makeover, and inventive talents.