Image source: GARI
Chingari has completed its transition from a straight up social media app to a “create-to-earn” and “engage-to-earn” platform that allows users to earn cryptocurrency by creating videos, sharing them with their fans and watching clips created by others.
The short video sharing app, which is often described as “India’s TikTok”, began its metamorphosis last year with the launch of its native cryptocurrency, GARI, as part of its mission to provide real financial incentives to its user base.
With Chingari’s GARI Mining program, the app’s 40 million monthly average users will now be able to earn GARI tokens every single day simply by interacting with the app, creating video clips, liking and sharing other videos, commenting and so on.
The company will pay out 50,000 GARI tokens from its daily reward pool every single day to users, with 5,000 set aside as a daily login bonus. The rest of the tokens will then be distributed equitably to users who complete various in-app activities. At GARI’s current token price of $0.61, that amounts to a cool $12 million in annual rewards paid out to users.
Users will have a chance to increase their GARI earnings potential too. Rather than frantically trying to create multiple viral videos per day, users will be able to acquire NFT-based GARI Badges that act as earnings multipliers. Chingari is offering five different badge levels, namely Basic, Bronze, Silver, Gold and Diamond, that multiply user’s earnings by 2x, 3x, 4x and 5x respectively.
The launch of Chingari’s GARI Mining program is a big deal that could have revolutionary consequences for the social media space. Chingari, which has been downloaded more than 163 million times, is currently ranked as one of the top 20 apps on Google Play. Each day, users watch more than 200 million videos on the app.
“We promised to democratize the creator economy when we launched Chingari a few years back and GARI Mining is the vanguard of that process,” said Chingari co-founder and Chief Executive Sumit Ghosh. “This program will ensure a level playing field for big and humble creators… they will no longer be at the mercy of brand collaborations as their only source of income.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice