Aiming to empower creators and users, Chingari, the short-video sharing social media app, has announced the GARI mining program under which the platform will offer cryptocurrency with the same name. GARI, the social tokens, will be awarded to creators and users for doing in-app activities. The Solana blockchain-based digital tokens worth Rs 93 crore will be offered to users annually.
The GARI mining program will foster Create-2-earn, Engage-2-earn, and Watch-2-earn arrangements that will help the 4-million large Monthly Average Users (MAU) to earn GARI tokens. With the initiation of the program, Chingari will become the world’s first social media and video sharing application to offer cryptocurrency to the engagers on the platform.
The Chingari app will also allow users to further increase their earnings on the platforms by using GARI badges. GARI badges are NFTs users can purchase in the application. These badges will include five levels – Basic, Bronze, Silver, Golf, and Diamond – that can multiply their earnings by 2x, 3x, 4x, 5x, and 10x.
Talking about the GARI mining program, Sumit Ghosh, founder and CEO of Chingari, said, “It gives us immense pleasure to announce the GARI mining program. We promised to democratise the creator economy when we launched Chingari a few years back and the GARI mining is at the vanguard of that process.”
Ghosh explained that with the GARI mining program, the creators and the users on the platform will be liberated and cease to be at the mercy of the brand collaborations, which is currently the only source of income for creators. With the launch of the mining program, creators can like, watch, comment, and share content on the platform and earn GARI tokens. These digital tokens can then be traded in exchange of money.
Launched in November 2018, Chingari grew into one of the biggest social media and video-sharing platforms in India. The app saw further boost after July 2020, when TikTok was banned in India. Chinagari has roughly 13 crore users engaging and more than 50 lakh daily active users.