we hosted an amazing AMA with GARI Token on the 1 st of February
And here we will put some of the best questions:
Q1) Could you please give us an overview of the project and the goal behind your team’s vision?
Gari is a social token. web3, DAO’s and the concept of a community and creators owning the platform which they are creating. I think that is a very strong fundamental idea. The goal of gari is to give ownership, governance and a way of democratically uniformly earning back to creators. So imagine owning or being an early adopter of TikTok, or owning a stock or a stake in Facebook, how powerful is that.
That is the vision behind Chingari. Chingari in general has a lot of potential. We as a social media company can get hundreds of millions of social media users into crypto. That is the big vision of Chingari.
Q2) Can you help us understand the Market Opportunity for Social tokens? What makes you excited about this space?
Social tokens are the future of social media. If you have seen the evolution — Web1 was read-only where you can just browse static websites, people used to create websites using HTML and people could just read information. Web2 was read and write, where it gave the opportunity to creators to create content.
Large social media companies Facebook, youtube, Twitter, TikTok come out of the Web2. I think web 3 is about read, write and own where creators will also own and this ownership will be powered by social tokens.
Q3) Since you mentioned about Chingari, could you enlighten our viewers about the Chingari App?
Chingari , India’s leading short video sharing app with more than 32 million daily active users, has reached another important milestone in its journey. Chingari is now India’s number one social media app on Google Play, surpassing popular apps like Facebook, Instagram, and Snapchat.
Founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak, the Chingari app has rapidly risen from relative obscurity over the years to become India’s hottest social media platform, thanks to distributed ledger technology and crypto.
Q4) Could you please explain a little about what is GARI and its utilities?
Gari is Empowering Short Video Content Creators With Social Tokens.
The GARI Token introduces a gateway into the blockchain space, to Chingari App users. The goal is to empower both creators and viewers on the Chingari App with technological tools to interact directly with each other and allow all users on the Chingari App to participate in the long-term direction of the social economy impacting the GARI Token.
The GARI Token is interconnected with the Chingari App, opening to Chingari App users a wider blockchain world where they directly control their assets and can use their tokens to connect and transact with their counterparties, place governance votes, and catalyze platform engagement and user base growth.
Utilities of GARI are –
Boost : Creators will be able to boost their profile and posts to 100M+ chingari users, while making the payment for the service through $Gari.
Governance: $Gari holders will be able to stake and earn yield as well as vote on proposals to decide the future direction of the platform.
Tipping : Users can use the Gari tokens in their in-app Gari wallet to tip their favourite content creators directly from the video feed as well as from the Creator’s profile. These transactions are completely on-chain.
NFTs: Chingari will be the world’s biggest video NFT marketplace. These NFTs can only be purchased with $Gari tokens.
Audio Rooms Currency: Audio rooms is a feature on Chingari app, similar to clubhouse, where creators can connect with their followers over audio meetings. $Gari will be used by users to purchase gifts for these creators.
Q5) What is your roadmap for 2022 ?
We have a very exciting roadmap for 2022. The product will be integrated with the Chingari app and roll out by the end of this month. At the same time, it will also be getting listed in a couple of major exchanges. Post that, there are a lot of product developments, we are coming out with Chingari audio rooms, just like Clubhouse where users will be incentivized to create rooms and be active in rooms with Gari tokens.
There are a lot of NFT’s based use-cases that we are building, every video that you upload to Chingari will be mintable into a Solana based NFT, so imaging millions of users buying selling and trading NFT’s and this NFT marketplace alone will be a couple of million dollars a week in terms of revenue for Chingari. I mean look at what Axie Infinity has done with their NFT marketplace in the Philippines. With just two million active users they are doing some 20–30 million dollars weekly. I think the concept that your viral videos can be converted
And here we will put best questions from our members and GARI Token fans:
Q1) GARI is an “initiative” where video creators & digital artists make money by creating & sharing their content. So, What gives an NFT monetary value once it is created,does it have a floor price to start with?And what are the benefits of video owners if they monetize their videos?
Thats absolutely true ! The creators on the app can make monetise the video by minting them as NFT on the marketplace.
We are actually building the NFT Marketplace, the creators will be able to customise the price depending on the reach of their channel.
They will be able to mint the videos on the marketplace and sell it for GARI. Moreover,the users on the app can stake the tokens on the creators, which means we are introducing social staking. Whatever amount the creator earns, 7% APY of his earnings will be paid to the user.
Q2) What is the current progress of the “GariToken” project? What have you achieved in the market? What is the next development plan and layout?
We got listed on 18th January on various exchanges which included FTX,Huobi,OKEX,MEXc etc and couple of days back we got listed on Raydium. On our listing day, we had amazing 100M of trading volume on the listing day, which we believe as a success for the project.
We have plans to integrate GARI with Chingari App, this will prove to be a game changer. Soon, you will see some amazing miracles when more than 32M users on the chingari app will be exposed to Solana. We will be amongst top projects with a huge userbase.
We will be also coming up with NFT Marketplace, we will be having cool NFTs with amazing utilities. We are also planning to move in metaverse.
Lot of action will be happening
Q3) Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
We are Web3 project, every decision on the project will be decided by the community. The tokens holders definitely have the right to participate in the governance of the project. We are yet to release the list on which the token holders can exercise the governance.
The token holders will come to know all the utilities of GARI once we have intergrated with Chingari App.
We are waiting for the right time to announce a lot of things
Q4) Staking programme is very important for any project, Can I stake your $GARI token? Or if you haven’t this program then Do you have any plan of in future start staking programme?
Gari tokens have staking features, so basically you can stake other creators. Let’s say I find a creator early in his journey and I stake my Gari tokens to him — these tokens go to a staking pool and the creator can take a loan from the stake pool and he can buy a better camera, better equipment, better clothes and become a better creator. One basically earns 7 percent of all of the revenue that this creator earns in future from the NFT and the creator economy flourishes.
So if one of these videos goes viral and let’s say that NFT gets millions of dollars of trade in a month, the user will get 7 percent of that for staking him in his journey.
Q5) Many new projects initially developed well but were suddenly abandoned. How will you manage GariToken to get your position on the market and become the best project in the blockchain world?
As we listed, we had staking campaign with Huobi, now we are planning to hold Staking campaign with Okex. This is simply a staking program where you stake your tokens and earn % APY.
We are doing something different which no other project has done as of now, we are introducing social staking.
Let’s say I find a creator early in his journey and I stake my Gari tokens to him — these tokens go to a staking pool and the creator can take a loan from the stake pool and he can buy a better camera, better equipment, better clothes and become a better creator. One basically earns 7 percent of all of the revenue that this creator earns in future from the NFT and the creator economy flourishes. So if one of these videos goes viral and let’s say that NFT gets millions of dollars of trade in a month, the user will get 7 percent of that for staking him in his journey.
Q6) NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us the plans of your project in NFTs?
We are building up NFT Marketplace which should be live in couple of months. The creators will be able to mint the videos on the chingari app and sell it in the marketplace.
We are also planning to have exclusive NFTs which cool utilities that you will not have experienced before.
My Question is I want to Buy your Token. Is it listed?
- MEXC or any Exchangers?
Where can i Buy your Tokens now?
We are deployed on SOLANA network so please avoid any $GARI on any other network as they are scam.
You can trade $GARI from these CEX and DEX
OKX Kucoin BKex
Mexc LBank Bitmart
Gate Hotbit LAToken
Huobi Global AscendEX
Q7) Can you elaborate on some of the activities which users can engage in Chingari App to start earning? What are the requirements for users to start earn GARI tokens using these three earning methods in Chingari App?
There are 3 ways via which you can earn on the app
1)Watch to Earn – The users can spend time on the app watching videos and earn GARI
2)Engage to Earn – The user can comment, like and make some engagement with the uploaded videos and earn GARI.
3)Play to Earn – We will be also introducing games on the app which the user will be able to play and earn GARI.
The GARI will be soon integrated inside the Chingari App, and users will be able to enjoy the ride.
Q8) Is your project a local project or a global project?
Can anyone use your project from anywhere in the world?
Are there restrictions on using your project?
Our project is a global project, we are spread across the globe. We are one of the top social media app on Playstore. We have also recently launched in Indonesia. Our plan is to cover SEA countries.
We will be also aiming at every exchange for a better reach.
Q9) Have you been audited? To make the users & consumer trust on GARI?
We believe that Security is prime aspect of any project. We delayed our TGE due to delay in the audit reports.
Also, we have been audited by Soldified and Quantstamp, two major auditing companies in crypto space.
Also,we chose Solana as we believe it is one of the most secured blockchain.
And this was the end of our AMA with GARI Token.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- http://gari.network/
Twitter :- https://twitter.com/GariToken
Medium :- https://firstname.lastname@example.org
Reddit :- https://www.reddit.com/r/gari/
Discord :- http://discord.gg/garitoken
Instagram :- https://www.instagram.com/gari.network/