Ground Report | New Delhi: How to buy NFT GARI; Chingari a domestic short-video platform, has launched its own marketplace for cryptocurrency tokens and non-fungible tokens (NFTs) called $GARI.
Bollywood actor Salman Khan, who recently announced his own NFT collection, has signed on as the brand ambassador for NFT Bazaar. He launched the $GARI program in Mumbai on Saturday.
The new crypto token was launched by Chingari, the indigenous short video app launched to compete TikTok. $Gari spark is said to help content creators to build their own ecosystem by creating their own e-commerce space for artists on the platform to ‘materialize trading, NFT creation, and the ability to fund the fan community’.
Sumit Ghosh, CEO, and co-founder of Spark, said that the platform will allow users to receive crypto tokens for creating or viewing content. “The idea is to monetize the talent of creators and empower them through a social platform,” he said.
$GARI brand ambassador Salman Khan said in a prepared statement: ‘Producers are shaping the future of entertainment. With the inclusion of the $GARI reward program, makers will be further inspired to create new and more engaging videos on the Chingari app. It’s going to be an interesting journey here’.
How to buy NFT GARI
- In what it looks like, the company is using the Indian blockchain Solana and has created a digital token that will be circulated on the platform.
- As stated by the founder that the crypto token will help creators to create an e-commerce space for physical trading, it can also be used in exchange for physical trading, which will become the native currency on the application in due course.
- As the platform also supports ads, it can be a possibility that the platform will reward the creators in the form of Gari Coins. As soon as there is more information, it will be published.
- Cryptocurrency tokens can be seen as a way to monetize the platform, as the tokens will be available for both creating and viewing content on the platform.
With the launch, Cningari has also become the first Indian social network to issue cryptocurrency tokens. Upon launch, Sumit Ghosh says, “Spark’s blockchain platform will allow users to receive tokens for creating or viewing content.
The idea is to monetize the talent of creators and empower them through a social platform. Spark wants to make this vision possible with its token $GARI. We are sure that $GARI will be a significant innovation for the Indian digital and maker economy.” Sumit Ghosh elaborates.’
What is Non-Fungible Token (NFT)?
According to a BBC report, in economics, fusible assets are units that can be easily converted – such as money. With paisa, you can replace Rs 5 note with Rs 10 note and it will have the same value.
However, if something is non-fungible, it will be impossible to do so. This means that this non-fungible asset has a unique quality, so it cannot be interchanged with anything else. This item can range from a house to a painting of Monalisa.
Most NFTs are part of the Etherian blockchain. Ethereum is a cryptocurrency, like Bitcoin or Dogecoin, but its blockchain also supports these NFTs.