Crypto is coming to social media with the latest Chingari application update. India’s most popular social app has just revealed the launch of its new $GARI wallet, integrated with the app, to support the transfer of its native cryptocurrency token within the platform.
The update will “revolutionize” content creation on the Chingari platform, the company claims, in the process onboarding millions of new users to the Solana blockchain. The $GARI token is built on Solana for its blazing-fast transaction speeds and low gas fees.
Chingari users can think of $GARI tokens as regular money, which they can use to tip their favorite influencers and buy merchandise and the rights to exclusive video content that’s tokenized as NFTs. In addition, users will also be able to earn $GARI simply by watching videos, and their own profiles (and content) will apparently receive a boost for each tip they send. The idea is to promote a flourishing economy in which the community provides incentives to other members to generate more innovative content.
Mass adoption of $GARI is anticipated for several reasons, not least because Chingari boasts a community of more than $35 million monthly active users, making it by far and away the largest social media service of its kind to launch its own crypto token. While Facebook ultimately ditched its efforts to launch its Libre (later Diem) cryptocurrency after years of effort, Chingari was able to get $GARI up and running as part of its app ecosystem in less than six months. Indeed, the token only launched in October, yet Chingari has already attracted millions in funding, the support of Indian superstars such as Salman Khan, and opened for trading on top cryptocurrency exchanges such as FTX, Kucoin, Huobi, Gate.io, OKEx, and MEXC Global.
Now, just four months on from its official launch, $GARI is ready to become an essential part of the Chingari experience.
“This will be a game-changer in the Chingari app when millions of users will experience the integration of $GARI,” insisted Chingari co-founder and Chief Executive Sumit Ghosh.
Today’s update follows a successful testnet launch last month that saw 500 early adopters set up their $GARI wallets and transfer tokens, ensuring everything works without a hitch.
It remains to be seen how the wider Chingari community will embrace $GARI, but there’s no doubt other platforms, not to mention the wider cryptocurrency world, will be waiting with bated breath to see if $GARI lives up to its promise of “revolutionizing” content creation in the app.
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