Leading Web3 app, Chingari rewards Rs. 8 crores to creators and users through its Mining program
Bengaluru, 16 May 2023: World’s leading Web3 short video app, Chingari today announces the distribution of 15 million Gari tokens (Chingari’s native crypto tokens) equivalent to $1.01 million USD or Rs. 8.3 crore (approx) to creators and users through its innovative Gari mining program. Launched in June 2022, the GARI Mining program is an initiative aimed to empower creators and users by providing native crypto tokens as an incentive for engaging on the app.
Since the launch of the program less than a year ago, Chingari has directly disbursed 15 million Gari tokens equivalent to $1.01 million USD or ₹ 8.3 crore (approx), to wallets of creators and users, ensuring complete ownership of content remains with creators. The milestone is a testament to Chingari’s commitment to empowering content creators and democratizing the creator economy. Chingari, being a Web3 app has also implemented transparent on-chain payments, further promoting fairness and decentralization. On Chingari, a user starts earning crypto tokens from day one by liking, commenting, and watching videos.
Moreover, Chingari generated a remarkable gross revenue of 10 million USD in the financial year 2022-23, marking a significant jump of 56.25% as compared to the previous year. In FY 2021-22, Chingari generated revenue of 6.4 million USD.
Sumit Ghosh, CEO & Co-Founder, Chingari said, “The creator economy has long been plagued by issues like concentration of wealth in the hands of a few, a lack of incentives for users and a small pool for creators. Considering these challenges, the GARI Mining program was launched in June last year. We are now seeing the positive impact of our Gari mining program on the creator economy. We are committed to providing transparent and decentralized incentives that enable content creators to thrive and bring their vision to life.”