Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Chingari has officially commenced its journey into the metaverse with the launch of an NFT collection ‘GARI Panda’. The firm had previously announced a whitelist application for the presale, currently being held on the SolRazr IDO launchpad. Chingari’s NFT collection is made up of 9,999 NFTs hosted on the Solana blockchain ecosystem.
The GARI Panda NFTs will be open to public markets on March 31, with the initial retail price set at 2 SOL tokens. Notably, half of this NFT collection has been reserved for the GARI and SOLR communities. Chingari is optimistic that the milestone will push the firm closer to its goal of becoming a decentralized content creation platform.
Similar to TikTok’s model, Chingari has risen to fame over the past three years to attract over 35 million users in the Indian market. The platform, which made headlines for sharing 30% of revenues with content creators, is looking to increase its user base to 200 million by the end of this year.
Their debut into the emerging virtual world will allow content creators to experience the latest and most trendy technology (the metaverse). GARI Panda NFTs serve as a fundamental driver of the Chingari-verse, enabling various functions and exclusive features that will not only enhance user experience but create opportunities to increase one’s income.
According to a detailed breakdown on the value proposition, these NFTs will offer users a lifetime free membership within the Chingari ecosystem. In addition, GARI NFT owners will be eligible for a percentage of revenues generated from the GARI DAO and the Panda merchandise store.
More importantly, stakeholders who join the Chingari Panda club will have access to ‘invite only’ parties where they can virtually meet prominent figures in the Bollywood industry and their favourite content creators. Chingari will also form partnerships with music and video streaming platforms to give its NFT community premium access.
Given the growing popularity of the metaverse, Chingari will also pioneer NFT-minted newsletters that cover the market developments (news, insights and major auction sales). The sale proceeds from this niche will be distributed to GARI Panda NFT holders, ultimately scaling their underlying net worth as the ecosystem grows bigger.
It is also noteworthy that Chingari will introduce a staking feature that will enable the GARI Panda NFT community to generate a passive income from their digital collectibles. Prospects will be rewarded via the native $GARI token that is currently trading on prominent exchanges, including KuCoin, MEXC Global, Gate.io and OKX.