Gari Network is a NFT-based social platform designed specifically for sharing short videos.
Gari Network is a NFT-based social platform designed specifically for sharing short videos. This innovative platform offers users the opportunity to not only consume content in multiple languages but also monetize their creations through the power of NFTs.
Additionally, users have the freedom to share their videos on external social platforms, further expanding their reach and impact. In 2020, Chingari disrupted the influencer and video creator economy by sharing 30% of the revenue earned on the platform with the creators.
Journey so far
- Gari Network began its journey in 2020 and was started by Sumit Ghosh who is the founder, chairman and working CEO of the company
- Gari Network’s co-founders are Deepak Salvi, Biswatma Nayak and Aditya Kothari. Its white paper was launched in September 2021 and the maximum supply of Gari is one billion tokens
- In early 2022, the platform underwent significant transformations with the introduction of the Solana-based token, marking its transition to a web3-based model. This pivotal moment brought forth the launch of the Gari wallet and Gari mining, accompanied by the introduction of Audio-rooms, expanding the platform's capabilities.
- Continuing its rapid development, Chingari expanded its offerings by the end of 2022, incorporating noteworthy features such as Staking, Quests, the Creator Cuts (vnft marketplace), and Live rooms. These additions enriched the user experience, enhancing engagement and diversifying the content available on the platform.
- In mid-2023, Chingari achieved another milestone with the introduction of Multichain functionality on the Solana network, further amplifying its scalability and interoperability. Additionally, the platform welcomed Aptos, a significant development that extended its capabilities and provided additional avenues for growth and innovation. This ongoing progression showcases Chingari's commitment to continuous improvement and the pursuit of excellence within the dynamic web3 landscape.
Major challenges and solutions
- Initially, Chingari faced a significant challenge regarding the distribution of revenues. The platform used to distribute only 30% of the earnings through a centralized currency called Chingari coins. However, this system lacked transparency, resulting in a lack of motivation for users and creators to remain engaged with the platform.
- To tackle this challenge head-on, Chingari implemented an innovative solution by introducing the Gari token. This transformative step has significantly enhanced the transparency of revenue distribution. With each transaction being recorded on the blockchain in real-time, users and creators now have heightened confidence in the fairness and visibility of earnings allocation. What's more, by owning Gari tokens, they also become vital stakeholders in the forthcoming Gari DAO. By leveraging their Gari holdings, users and creators actively participate in the platform's governance and decision-making processes, empowering them to shape the future direction of Chingari.
- The shift towards a fully on-chain platform has ushered in a new era of enhanced transparency and visibility into the activities of creators and users. Through the utilization of blockchain technology, Chingari has gained access to advanced insights and analytics, providing a profound understanding of user engagement behaviors and content preferences. This deep level of understanding empowers Chingari to make informed decisions, optimize user experiences, and deliver tailored content that resonates with its vibrant community. By leveraging the power of blockchain, Chingari has unlocked a wealth of data-driven opportunities, paving the way for continued growth and innovation within the platform
Unique features or Technologies introduced
- Chingari has introduced GARI Tokens as a means to provide incentives to creators and users for their contributions and engagements on the platform. By leveraging GARI Tokens, Chingari aims to foster a vibrant ecosystem where creators are rewarded for their valuable content and users are incentivized to actively engage with the app. These tokens serve as a mechanism to recognize and appreciate the efforts of individuals, promoting continued participation and fueling the growth and vitality of the Chingari community.
- CreatorCuts, an innovative video NFT (vNFT) marketplace, was unveiled, empowering creators to transform their eligible videos into unique and valuable NFTs. Through this platform, creators can mint their videos as NFTs and explore various options such as auctions and sales, opening up new avenues for monetization and exposure. CreatorCuts unlocks additional opportunities for creators to showcase their talents, gain recognition, and connect with a broader audience within the thriving NFT ecosystem.
Relevant numbers in terms of growth and partnerships
- Chingari proudly boasts a formidable user base of 2.8 million on the Solana blockchain, solidifying its position as one of the most prominent projects within the ecosystem. With such a substantial number of users, Chingari has emerged as the second-largest project on the Solana blockchain, a testament to its widespread adoption and the value it brings to its expansive community.
- The platform has surpassed a remarkable milestone of over 8.5 million in-app on-chain transactions, making a substantial impact on the landscape of on-chain engagements within the realm of social media. These impressive figures reflect the platform's enduring popularity and its significant contribution to the broader adoption and utilization of blockchain technology in the realm of social media. By facilitating a multitude of on-chain transactions, the platform has emerged as a key driver of innovation and engagement in the evolving digital landscape.
- Presently, the Chingari app has achieved an astounding milestone of 170 million downloads, solidifying its position as a highly sought-after platform. Moreover, with an impressive count of 40 million monthly active users, Chingari continues to captivate and engage a vast audience on a regular basis. These remarkable figures underscore the widespread popularity and enduring appeal of the Chingari app, highlighting its significant impact in the realm of social media and content creation.
- Notably, Chingari has garnered a prominent position as one of the top-grossing apps within the social category, a verified achievement recognized by app stores. This distinction further exemplifies the platform's remarkable success and financial viability, solidifying its standing as a leading player in the social media landscape. Chingari's ability to generate substantial revenue highlights its popularity and the value it offers to users, creators, and advertisers alike.
- The platform aims to attain self-sustainability by leveraging multiple revenue streams, including native ads, fees, and subscription models. By strategically incorporating these avenues, the platform aims to generate consistent and reliable income, ensuring its long-term viability and ability to deliver valuable services to its user base. This diversified approach to revenue generation underlines the platform's commitment to maintaining its financial independence and fostering a sustainable ecosystem for its users and stakeholders.
- Chingari is strategically poised to expand its footprint in western markets, positioning itself as a multifaceted platform that not only serves as a dynamic social media platform but also functions as a leading provider of blockchain education. Through the esteemed Gari Academy, Chingari aims to offer comprehensive web3 courses, empowering individuals with the knowledge and skills necessary to navigate and thrive within the blockchain ecosystem. By combining social media engagement with top-notch educational resources, Chingari seeks to establish itself as a holistic destination that caters to users' social and educational needs, creating a well-rounded experience for its diverse user base.
- In addition, the platform is dedicated to facilitating the transition of web2 companies into the web3 realm, providing a seamless and user-friendly ecosystem for new adopters. Through the innovative GARI Web3 growth stack, companies can easily integrate and leverage web3 technologies without encountering significant barriers. This plug-and-use solution streamlines the onboarding process, enabling web2 companies to embrace the transformative potential of web3 and unlock new opportunities for growth and innovation. By simplifying the journey into the web3 world, the platform aims to foster widespread adoption and empower organizations to thrive within the decentralized ecosystem.