Aptos Labs has made a big move into the Web3 social media industry by investing in Chingari. The social media platform, which launched in 2018, was initially on Web2. However, its transition to Web3 has seen its user base grow substantially. With the investment, Chingari app has decided to prioritise Aptos as its Layer 1 blockchain. The company says that the shift to Aptos will enable creators to retain ownership of their work and be compensated fairly.
Chingari’s steady growth and what Aptos offers
Chingari, widely referred to as “India’s TikTok,” has been carving out its niche by enabling content creators to earn $GARI tokens from their short videos. In addition, users can earn by simply sharing their favourite content. Chingari has taken advantage of India’s ban on TikTok to take hold of the nation’s short video-sharing space and, to date, has more than 170 million downloads. In addition, it has an estimated 5 million daily active users. Some of the key investors in Chingari include OKX exchange and Republic Capital.
The fast-growing Web3 social media app launched $GARI on the Solana network. However, things have not gone well for Solana recently, and developers have been leaving it. As a result of the technical challenges on the blockchain, several Solana developers have shifted to Aptos.
Chingari said in a release that the partnership with Aptos will help it grow in India and other countries. According to Aptos, Chingari is after the speed, security and scalability of the Aptos network to handle their millions of users and also add millions more. Notably, the social media app is spearheading the push for decentralised social media, where users have greater control over the platforms. For example, GARI token holders have governance voting rights.