The Rise of Social Media based Crypto in India
Chingari, a decentralised short video platform, is launching a mobile app on Google Play Store and Apple App Store, integrating the native $GARI token issued on the Solana blockchain. The Chingari app has more than 100 million downloads. The app launch came after the Chingari community's successful test net launch last month. According to the team's announcement, the short video-making software will introduce an in-app wallet using $GARI as the primary token in the ecosystem.
Chingari, often known as the "Indian Tiktok," intends to redefine the content production scene on its platform to integrate the app's millions of daily users to the Solana blockchain. As the primary Chingari ecosystem token, $GARI will enable users to 'tip' and 'boost' their favourite content creators' profiles and content on the Chingari app. Users may also use their in-app wallets to deposit and withdraw $GARI, as well as trade the token on some of the world's top cryptocurrency exchanges.
Sumit Ghosh, CEO and Co-founder of Chingari, commented on the recent integration of the in-app $GARI wallet, saying,
When millions of people experience GARI integration in the Chingari App, it will be a game-changer. Existing and new users will be able to Tip other artists, raise their profile, obtain governance powers, and utilise various other app features. As a result, we're moving closer to being a project with the most on-chain users. We're really thrilled to debut Chingari's in-app wallet and provide customers with a redesigned app that's jam-packed with features.
Last week, the $GARI token became the first cryptocurrency to be listed on several controlled and decentralised exchanges simultaneously. FTX, Kucoin, Huobi, Gate.io, OKEx, and MEXC Global are among the exchanges that have listed the token. Surprisingly, little than a day after the simultaneous launch, $GARI trade volumes surpassed $100 million.
$GARI was released in October 2021 to considerable hoopla and media attention. A Bollywood star turned brand ambassador, Salman Khan, joined the launch celebration, presenting the app and token to new audiences and markets. In December, $GARI released a testnet version of the redesigned Chingari app with an in-app wallet to its community. More than 500 members took part in the beta testing of the programme by activating wallets and transferring $GARI tokens to one another.
The $GARI coin might see unmatched demand from the crypto world, with the Chingari app having over 100 million downloads. Regardless, the app aims to promote low-cost, quick on-chain transactions. It is introducing $GARI as an SPL token on the Solana network. The $GARI network will launch a video NFT marketplace on the Chingari app next quarter. On Chingari, India's top video-sharing social media mobile app with 35 million+ Monthly Active Users, the Network intends to create a crypto-powered creative economy.
Users of the Chingari app will build sub-economies inside the platform with the introduction of the $GARI ecosystem, ushering in a new Web 3 metaverse in the video production business. Content producers will be able to engage with their audience, sell items, and mint unique short movies as NFTs as a result of this. Finally, the platform's economic environment encourages curation by compensating the best content providers for their efforts and users for viewing and sharing videos.
The Rise of Crypto in India
Indians now own crypto assets worth $5.3 billion. Initially, they focused on Bitcoin, the world's first and most popular cryptocurrency. They then moved to Ethereum and began experimenting with alternatives (alt) currencies such as Solana, Polygon, and Terraluna and stable coins such as Tether. Consequently, the number of users and transaction volumes on crypto platforms reached new highs.
CoinSwitch Kuber, India's largest crypto broking platform, saw a 3,500 percent increase in transaction volumes, reaching 14 million. According to a survey by cryptocurrency research company Chainalysis, India's crypto industry grew by 641 percent between July 2020 and June 2021, making it one of the world's fastest-growing. The government is now working on a crypto law. However, because of the complicated nature of crypto exchanges, the rules may be postponed.
Cryptocurrency experts and exchange owners predict that quick fintech improvements and increased usage would soon increase the number of Indians investing in cryptocurrencies.
In reality, soaring virtual coin transaction volumes and a growing number of retail players have prompted some of the world's major cryptocurrency exchanges to invest in India. While the cryptocurrency ecosystem in India remains unknown, global coin exchanges have found it difficult to ignore the potential for development in a nation with a population of 1.3 billion people.
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Image credits: Eaters Collective, Sylwia Bartyzel.