Chingari Financial News

Chingari has launched its video NFT marketplace named 'Creator Cuts.' The company said that it is the world's first ever video NFT (v-NFT) marketplace, enabling creators to mint video NFTs Launched in 2018 and powered by Gari Token, Chingari is an on-chain social app and claimed this launch as a revolutionary new offering, fostering and proliferating the creator economy. However, only marquee videos from top creators will be minted as NFTs. Creator Cuts is aimed at empowering the creators with a financial and community engagement opportunity, along with enabling the community to connect with their favourite creators by owning a piece of their unique art. Creators will be able to derive monetary benefits from the same. Buyers of these NFTs will get 10 per cent of the daily income in Gari tokens earned by the creator on the engagement they receive on their videos on the Chingari app.

Cryptocurrency exchange KuCoin raised $10 million in a strategic investment from Susquehanna International Group (SIG), one of the largest quantitative trading firms. Both the firms have partnered to incubate blockchain startups and build KuCoin Tokens and KuCoin Community Chain ecosystem.

GARI token, a crypto asset endorsed by Bollywood's megastar Salman Khan, has plunged about 90 per cent in the last 24 hours over rumoured hacks and wrongdoings. The Gari Network's GARI token, powered by the social media platform for content creators ChinGari, dropped about 87 per cent to below $0.1 from $0.75 on Wednesday. However, it recovered mildly and was trading at $0.132 on Thursday. Even the volume of the token has taken a big hit, which has plunged to half in the 24 hours. Tokens worth $56.43 million were traded in the last 24 hours, suggests data from Coinmarketcap.

Crypto players have been under criticism for high energy requirements for mining of tokens. Although crypto trading is paperless, the process of mining consumes a lot of energy and machinery to perform sophisticated algorithms to authenticate each transaction. Separate parties verify the records and transactions stored on a blockchain in the first generation of cryptocurrencies, which is known as 'proof of work' or the PoW model. If prices and user acceptance of the crypto asset continues to rise, the quantity of energy needed by cryptocurrency mining is likely to rise as well.

Chingari announced the launch of 100 Non-fungible Tokens (NFTs) in partnership with Fashion TV. Chingari is the issuer of GARI native token that enables short-form video creators to monetize their content on the blockchain. The company said holders of these NFTs will have exclusive benefits including access to ‘invite-only’ parties and fashion events hosted by Fashion TV including Fashion Metaverse. Chingari has also announced its entry into Metaverse with Fashion Metaverse in association with Fashion TV. The space will organize fashion shows to which the NFTs holders will get exclusive access.

GARI is a native token launched by Chingari, a homegrown short-video app, which went live on 12 crypto exchanges, including HUObi Global, FTX, KuCoin, Gate.io, MEXC Global, OKEx and more. Through the GARI token, Chingari enables short-form video creators to monetise their content on the blockchain.

Chingari on Thursday announced that its first-ever crypto token 'GARI' raised $40 million within 24 hours of its live sale on Republic platform. Republic is a crowd-equity platform that offers investments in startups, real estate, gaming and crypto. «GARI has been designed to empower the creator community with content monetisation opportunities. The token is built on Solana — one of the biggest & rapidly growing blockchains globally,» the company said in a statement.