In a major development in the NFT space, the Chingari short video platform has announced its first token called $GARI. The organization is on its way to launch an NFT marketplace. Bollywood celebrities Salman Khan and Vani Kapoor were present at the event.
The organization recently closed a funding round and raised over $19 million from investors and venture capital firms. More than 30 entities participated in the funding round. The organization has begun creating an economy around the $GARI token. The token will be used by the platform’s social media users and will help the organization raise awareness and bring more users to the platform.
Some of the prominent investment firms involved in this round include Galaxy Digital, Solana Capital, Kraken Ventures, Coinfund, 11-11 Ventures, Long Term Ventures, AU21, Afton Capital, Alameda Research Republic Crypto, Blackpine, and NGC, among others.
It is worth noting that NFTs are becoming popular in India. Even some famous Bollywood celebrities have chosen this route to connect and interact with their fans. Bollywood megastar Amitabh Bachchan has announced his entry into NFTs. Recently, Salman Khan announced his partnership with BollyCoin for his NFT series.
Chingari was launched in 2018 and has managed to carve a niche for itself in the social media space. The app offers several useful features, including uploading and downloading short videos. It also allows users to purchase various things within the app, including merchandise and more. It will be interesting to witness the popularity that this specific initiative has brought to the platform and whether it has become a big hit for the social media platform.