The price of bitcoin is rising like never before, cryptocurrency The craze is rampant across the country. The Hindi entertainment industry has also joined the bandwagon to launch non-fungible tokens or NFTs or promote cryptocurrency platforms. is the latest entrant in the block Bollywood megastar Salman Khan. Superstar has recently unveiled GAAR – India’s first crypto token launched by Micro-content, short video application Chingari. Making it official on social media platform Twitter, Khan said, “I am officially launching the spark in app GARI token reward program and its NFT marketplace. You can buy My Videos NFT, exclusively on the Gari NFT Marketplace. Cheers to a new chapter in content creation and monetization!!! #ChingariKiGari #GariTokens.”
What is $GARI token?
Short-video application Spark has forayed into the world of cryptocurrency with its crypto token GARI. An alternative blockchain token, GARI, will serve “both as an in-app currency and a governance token in the future,” the company said. The token will be created in partnership with Solana Blockchain.
Why Spark Introduced GARI Tokens for Creators
Social tokens are digital assets backed by an individual, brand or community. “They allow creators to receive more equal pay and build deeper connections within audiences,” the company said.
“We are offering Gaar as a social token to the community of spark creators that will give them governance authority over future platform development through The DAO and create a circular economy,” the video app further elaborated. .
With the GARI token, Spark aims to incorporate cryptocurrency into the day-to-day lives of content creators and viewers. The gradual use of tokens or coins will ensure easy adoption of tokens in the long run. The simple mechanics of the Spark application will also help new consumers to enter the world of crypto with “familiar ephemeral tools”.
How one can use GARI token
Users of the Spark app can use GARI tokens both inside and outside the app to connect with their counterparties and conduct transactions, vote governance, and catalyze platform engagement and user base growth. The Spark ecosystem is driven by four groups of actors: 1) content creators, 2) viewers, 3) advertisers, and 4) developers. The GARI token connects all types of stakeholders on the platform.
The app lets users create and share short form videos with the world. Every time you make a video on spark, you are rewarded with Gari Tokens. Users can create and share short form videos through spark application. Whenever a creator creates a video, he or she will be rewarded with GARI tokens.
Viewers can also use GARI tokens for international purposes such as to purchase goods and services directly from videos or creator profiles. GARI tokens can be used to purchase the products shown in the video. “Every video uploaded to spark is parsed frame by frame and all items are detected and then matched with a live catalog of products and each video to hit your feed in real time. becomes enabled. All these social video commerce transactions will be done using Gary tokens in the future.”
Social tokens can be used to vote on the platform direction for a stake in governance and to be rewarded through APY, as well as to help advance the common goal. It can also be used to tip creators to support their work. Tokens can also be used to purchase or unlock exclusive content and services.
“The goal is to empower both creators and audiences with the technical and financial tools to interact directly with each other and take control of the long-term direction of the social economy that affects the platform and product,” the company said.
Spark will allow content creators to provide courses on spark skills as well as some stuff (including digital, such as NFTs) inside their content. “Such transaction involves fair exchange of a commodity for the prescribed price paid in GARI,” it further added.
GARI tokens are capped at 1 billion in total supply and have an unlocked structure to support 200 to 300 million in circulating supply at the end of the first year. “Our mission is to institutionalize the space and drive the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain,” said Sumit Ghosh, Founder, CEO and President, Spark.
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