Chingari Launches Crypto Tokens, NFT Marketplace

Homegrown short-video app Chingari has launched crypto tokens, called $GARI, and its own marketplace for non-fungible tokens (NFT).

Bollywood star Salman Khan, who has been signed on as the brand ambassador for the marketplace, launched the $GARI programme in Mumbai on Saturday.

$GARI will enable content creators on the app to set up their own ecommerce space, including for physical merchandise, build NFT creations and help people fund their favorite artists, the company said.

Cofounder Sumit Ghosh said with the launch of $GARI, Chingari is poised to become the “trailblazer of social infotainment platforms” and “will forefront the Indian crypto blitzkrieg”.

“Chingari’s block chain platform will allow users to obtain tokens for creating or watching content.

The idea is to monetize creators’ talent and empower them via a social platform,” said Ghosh, who is also its chief executive.

Recently, Chingari had raised over $19 million, issuing its tokens to more than 30 venture funds and individual investors.

A total of 1 billion $GARI tokens are currently in supply, Ghosh told ET. Next month, the token will open for sale to “accredited US and non-US investors” and will be eventually listed on crypto exchanges, he added.

Chingari’s team holds 10% of the total supply.

Chingari has also closed a $15 million round in equity funding, from On Mobil, Republic, Angelist and existing investors, Ghosh said.

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