Salman Khan has launched $GARI, India’s first-ever crypto token.

The Bollywood superstar became the latest celebrity to join the non-fungible tokens (NFTs) craze by unveiling the crypto token.

$GARI has been launched by micro-video app Chingari, the first social network in India to issued crypto tokens.

Khan, the tech start-up’s brand ambassador, announced $GARI’s creation at an event at the Taj Lands End hotel in Mumbai.

He said: “The creators are shaping the future of entertainment.

“With the incorporation of $GARI rewards programme, the creators will further get motivated to create newer and more engaging videos on the Chingari app.

“It’s going to be an interesting journey hereon.”

Chingari was founded by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Biswatma Nayak in November 2018.

It allows users to download and upload short videos and shop for merchandise within the app, amongst other features.

Crypto tokens are digital assets backed by an individual, brand or community.

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Chingari explained: “They allow creators to receive more equitable pay and forge deeper relationships within audiences.”

Now, $GARI aims to allow creators to set up an e-commerce space for physical merchandise, NFT creations, funding and more.

Chingari said: “We introduce $GARI as a social token for the community of Chingari creators that will give them governance authority over the future platform developments through the DAO and create a circular economy.”

It comes after the app completed a funding round of over $19 million from more than 30 venture funds and individual investors.

The funding will help Chingari to build the crypto token with Solana, a fast-growing ecosystem in crypto technology.

Sumit Ghosh, Co-Founder and CEO of the app also spoke about future plans for $GARI during the launch event.

He said: “While the creator economy is burgeoning and creators are becoming a pivotal force of this revolution, we believe that creators should be in charge of how the platform is taking shape.

“With the introduction of $GARI, we are vesting the decision-making powers back in the hands of the users and enabling content monetisation to become more mainstream in India.

“Chingari’s blockchain platform will allow users to obtain tokens for creating or watching content.

“The idea is to monetise creators’ talent and empower them via a social platform.

“Chingari through its token $GARI wants to make this vision possible.

“We are certain $GARI will be a groundbreaking invention for the Indian digital and creator economy.”

Source Salman Khan launches India’s 1st Crypto Token | DESIblitz

By block head

Block Head is a blockchain journalist.