Chingari, the Web3 short video app, announced that it has distributed 15 million GARI tokens, the native cryptocurrency of the Chingari platform, since June 2022. This distribution amounts to $1.01 million USD or approximately Rs. 8.3 crore, and it was disbursed to both creators and users through the innovative GARI Mining program.
Launched less than a year ago, this program was designed to empower individuals involved in the app by offering them native crypto tokens as incentives for their active engagement.
An important aspect of this endeavor is that it ensures creators maintain complete ownership of their content, emphasizing Chingari’s commitment to empowering content creators and fostering a fair and inclusive creator economy. The platform has also implemented transparent on-chain payments, further promoting fairness and decentralization.
Furthermore, Chingari has achieved a remarkable gross revenue of $10 million USD during the financial year 2022-23, representing a significant growth of 56.25% compared to the previous year’s revenue of $6.4 million USD.
Sumit Ghosh, the CEO and Co-Founder of Chingari, commented on the importance of addressing the challenges faced by the creator economy, such as wealth concentration, insufficient incentives for users, and limited opportunities for creators. In response to these issues, the GARI Mining program was launched in June last year, and its positive impact on the creator economy is now becoming evident. Ghosh emphasized the company’s commitment to providing transparent and decentralized incentives that empower content creators to thrive and transform their vision into reality.
Chingari, powered by GARI is the fastest-growing on-chain social app. Chingari’s platform entertains 175M+ users across, and witnesses videos in 15+ languages. Chingari has more than 5 million Daily Active Users (DAU) and 40 million Monthly Active Users (MAU). The app has been downloaded approximately 175 million times across the App Store.
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