Chingari, one of India’s leading social applications, has recorded a significant growth within the past three years. As it stands, this short-video application enjoys over 35 million monthly users and raised over $30 million in 2021. More interestingly, Chingari is gradually joining the crypto verse as the firm eyes an expansion into the burgeoning decentralized markets.
Similar to the likes of TikTok, Instagram Reels and YouTube shorts, the Chingari ecosystem focuses on content creation. The platform’s fundamental design allows creators to share short videos with their fans while offering a lucrative percentage of the revenue share. Chingari also recently launched a native token $GARI that enables fans to tip their favourite content creators.
Following the launch of $GARI, Chingari’s ecosystem has gained traction within the crypto community. The firm is now looking to scale its footprint in the digital asset economy with an upcoming metaverse (Chingari-verse). This virtual world will be powered by Chingari’s NFT collection ‘GARI Panda’ which was released on March 29.
GARI Panda NFT Collection
Launched on the Solana blockchain, the GARI Panda NFT collection features 9,999 indistinguishable ‘cute pandas’. The presale for these digital collectibles was hosted on the SolRazr launchpad; a total of 4,999 GARI Panda NFTs were released for this event, while the rest have been reserved for the SOLR and GARI communities.
GARI Panda NFTs are now open to the public at a starting price of 2 SOL tokens. This NFT collection will be a game-change for Chingari as the platform looks to increase its market share to over 200 million users by the end of this year. According to the suggested value proposition, GARI Panda NFTs will facilitate several operations on Chinagri-verse and expose members to other perks.
Value Proposition
So, what makes those NFTs unique? At the very core, GARI Panda NFTs have a fundamental utility, which is not the case for most digital collections. Prospects who acquire these NFTs will be exposed to a virtual world, enabling content creators on Chingari to be part of the Web 3.0 economy. Unlike the centralized social media platforms, Chingari-verse will be run by a decentralized community, specifically GARI Panda NFT owners.
It is also noteworthy that this NFT collection will give its members exclusive access to the Chingari Ads Club and a percentage of the revenue share from GARI DAO businesses and Chingari’s merchant store. Though still in the early stages, Chingari plans to integrate a staking program that will reward GARI Panda NFT owners with the $GARI token. Holders will also be exposed to passive benefits from Chingari’s music record label and movie production multiplex.
As for on-chain interactions, Chingari Panda club members will have exclusive rights to virtually meet with prominent Bollywood figures and content creators. The firm has already partnered with Fashion TV to launch 100 NFTs that will function as gateway to events and parties hosted on the Fashion metaverse. Commenting on the milestone, Chingari’s CEO Sumit Ghosh noted that the collaboration will be mutually beneficial,
“The partnership will be mutually beneficial for both the brands with Chingari getting exclusive rights to play Fashion TV content on its platform,”
Conclusion
NFTs were the most popular crypto niche of 2021, recording over $23 billion in sales according to Dapp Radar’s industry report. With Q1 coming to end, the market is still obsessed with this up-and-coming ecosystem. No wonder even large corporations such as Facebook are positioning themselves to introduce a virtual world.
Looking at these developments, it is probable that most people will have an avatar in one or more metaverses within the next decade. Chingari’s move to launch an NFT collection whose fundamentals are not based on speculation shows that the metaverse is slowly evolving to integrate with traditional social media platforms. A trend that will likely dominate the next era of content creation.