Top Indian video-sharing app Chingari will launch its cryptocurrency token $GARI on the Solana SolRazr launchpad via an Initial Dex Offering (IDO) on 15th -18th December 2021.
The great thing is that the IDO is history-making in many respects. It is one of the first instances where a video platform has launched a cryptocurrency token.
The $GARI token has its use within the Chingari ecosystem. Content creators, fans, and members will use $GARI for several activities. This utility has given $GARI an edge for social tokens.
Technology Companies Are Coming Into The Decentralized Space
Chingari has been viewed by many as a direct competitor to TikTok and YouTube Shorts. Since the TikTok ban in India in June last year, many have looked to Indian local solutions as credible alternatives.
Few have had the popularity and pull that Chingari has had with its growing user base. The decision to include a web3 component (the $GARI token) has added to that excitement as web3 technologies become popular across the globe.
Another angle that fuelled the excitement is that a local Indian-made solution would finally compete in the big-tech space. While Indians are making tremendous progress in hiring at the top of the pack, Indian tech companies are yet to break through the invisible barrier where big tech companies rule from their collective perch.
That may change. The emergence of companies like Chingari, who will go all the way and integrate emerging web3 technologies into their ecosystems, is a sign of this change.
It is also proof that web3 technologies are gaining traction and adoption faster than previously thought.
The Metaverse Will Work With Video
While social networking using video shorts has been well-received, the launch of the Metaverse and connecting the video community will be an enormous boost for every platform on earth.
Chingari is expected to be no exception. As the internet continues to grow, Metaverse ecosystems are emerging. Some say could very well see Chingari’s version of a Metaverse ecosystem using video shorts and more soon.
We are already seeing the forms of social interaction move in a direction where Metaverse ecosystems are possible. Chingari, as a platform, will have its Metaverse soon.
IDOs Are All The Rave Within The Web3 Industry
IDOs are finally getting the attention they deserve. Since the slowdown in 2017 of the Initial Coin Offering (ICO), individuals have been looking forward to the next liquidity generation event provider. The IDO, it seems, is the one.
The sudden rise in Smart-Contract capable blockchains and decentralized finance (DeFi) has created a new onslaught of these IDO launchpads. The emergence of Solana, one of the best Smart-Contract capable blockchains, is bringing yet another innovation to a space known for thinking outside the box.
SolRazr is one of those Dex launchpads which has everything it takes to onboard platforms like Chingari. As the first developer ecosystem for Solana, we are looking at an ecosystem where anything is possible. That is considering the kinds of launches, incubation, and acceleration activities they undertake.
The great thing is that this is just the beginning of the Solana Blockchain. We shall see quite a few improvements in IDOs and other liquidity generation events as things go on.
The ability to mint NFTs on the Chingari platform already speaks volumes about Solana’s importance as a blockchain. The seamless integrations across blockchains prove critical when onboarding new features into the Chingari ecosystem.
NFTs could forever change the way video shorts and web3 technologies interact. Content creators will find that Chingari is a platform that gives more to its user base than it gets. Nobody can say the same of the video short giants at big tech who want only one thing: power and control.
As the event takes off within the next twenty-four hours, we shall see many things happen at once during the token launch.
SolRazr will have a new use-case scenario. In what seems to be a series of firsts, SolRazr will be the first IDO launch pad in the web3 space to have launched the token of a video shorts platform. It gives the launchpad a first-mover advantage in the cryptocurrency industry as a forward-thinking platform.
The significant part about the usage of this token is that most of the creators and fans on Chingari’s platform are everyday people. So, that takes out the argument that only nerds and geeks use cryptocurrencies.
It may not look like anything important at the moment. But in the next half-decade, depending on the lifecycle of the video shorts space, the move by Chingari and its $GARI token could set the tone for the space.