Following the massive success of TikTok, the number of short video creation apps across the Web2 ecosystem has grown exponentially. However, most of these apps offer bare-minimum benefits to their respective communities, be it the creators or the consumers. By design, Web2 social media platforms are controlled by centralized organizations, limiting the creator’s rights over the content and monetization opportunities to a massive extent. At the same time, the average user, too, gets nothing, even after being fully loyal to the platform.
This is where Chingari enters the scene, bringing in a paradigm shift in how we use social media. By leveraging blockchain technology and cryptocurrencies, Chingari empowers content creators. The platform was launched in 2018 as another Web2 app. However, the team behind Chingari soon realized the potential of decentralization and Web3. As a result, Chingari underwent significant changes to finally transition into a fully decentralized, community-driven, blockchain-powered ecosystem in 2020.
Setting The Foundation Of Creator-Focused Economies
Since the transition to Web3, there has been no looking back for the Chingari team. Within months, it has become the go-to space for content creators. With over 100 million downloads and more than 35 million daily active users, Chingari has positioned itself as the second most-used app in India. Expanding into the Web3 realm, the Chingari team has rolled out a myriad of features in recent months.
Chingari stands out from other similar apps as it is the first video-sharing app that unlocks multiple income opportunities for content creators and regular users. Powered by the $GARI token, the Chingari platform allows creators to mint NFTs, sell custom merchandise, and engage in other activities to generate revenue. For users, the Chingari team has rolled out a DAO (decentralized autonomous organization) that is designed to share the revenue generated with each community member. In the near future, Chingari aims to expand its offerings into the metaverse and also include blockchain-powered features like play-to-earn and other similar initiatives for its expanding community.
Chingari harnesses the power of the Solana blockchain, which is known for its fast transaction speeds of up to 65,000 TPS alongside bare minimum gas costs compared to other existing blockchain networks. To ensure optimal end-user experience, Chingari connects to the Solana chain using QuickNode, the Web3 blockchain-as-a-service provider that increases connectivity speed by more than 8x, thus ensuring a lag-free and cost-effective experience for its users.
The Chingari team has completed several successful funding rounds since its launch. Among them are $13 million raised in a round led by Galaxy Digital and Republic Crypto, $19 million raised in Series A, and $40 million raised in the recent ICO (initial coin offering). Earlier this year, the platform’s native $GARI token became the first cryptocurrency to gain simultaneous listing across multiple centralized and decentralized exchanges. Following this, the Chingari team also launched the in-app wallet, connecting its massive user base to the Solana ecosystem.
As more users migrate to Web3, Chingari is perfectly positioned to cement itself as a full-fledged creator economy that will empower both creators and users.
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2022-02-28 12:23:39
