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In a significant development for the NFT domain, the Chingari short video platform has announced its first token called $GARI. The organization is on the way to launching a marketplace for NFTs. Prominent Bollywood personalities Salman Khan and Vaani Kapoor were present on the occasion.
The organization has recently concluded the funding round in which it raised over $19 million from investors and venture funds companies. More than 30 entities were involved in the funding round. The organization has started creating an economy around the $GARI token. The token will be used by social media users of the platform and help the organization increase awareness and bring more users to the platform.
Some of the prominent investing companies which took part in the funding round include the likes of Galaxy Digital, Solana Capital, Kraken Ventures, Coinfund, 11-11 Ventures, Long Term Ventures, AU21, Afton Capital, Alameda Research, Republic Crypto, Blackpine, and NGC.
It is important to note that NFTs are becoming popular in India. Even some prominent Bollywood personalities have chosen this route to connect and interact with their fans. Bollywood megastar Amitabh Bacchan has already announced his foray into NFT. Recently, Salman Khan announced his partnership with BollyCoin for launching his NFT collection.
Chingari was launched in 2018 and has successfully carved a place for itself in the social media domain. The app offers several utility features, including uploading and downloading short videos. It also allows users to shop for various things within the app, including merchandise, among others. It will be interesting to witness the popularity this specific move brings to the platform and whether it turns out be a masterstroke for the social media platform.