The biggest champion of cryptocurrency in social media, Chingari, is now offering an income stream to millions of creators and users of its short video sharing app.
India’s TikTok clone has just announced that its GARI Mining program is now live, meaning creators and users of the platform have a way to earn cryptocurrency from doing what they love – creating funny videos, watching them and sharing their favorites with other users.
Under the program, Chingari users will be able to obtain rewards, paid out in $GARI tokens, by completing a range of daily activities such as logging into the app, viewing content, liking stuff, sharing it and commenting. It’s no chump change either – Chingari explained that it will create a daily reward pool of 50,000 $GARI for users, with $5,000 GARI set aside as a login bonus and the remaining $45,000 GARI to be distributed to those who complete other activities.
With the launch of GARI Mining, Chingari says it’s creating a fairer and more dynamic creator economy that introduces the concepts of create-to-earn, watch-to-earn and engage-to-earn in the world of social media. Users will get paid for interacting with the app each day, and will be able to use those earnings to tip other content creators, buy merchandise on the platform or even cash it out into real money.
Chingari co-founder and CEO Sumit Ghosh said the company is really democratizing the creator economy and ensuring a level playing field for all influencers, no matter how many followers they have. Most importantly, creators will no longer “be at the mercy of brand collaborations as their only source of income,” he said.
It’s a fair point, because for all the buzz about creators being able to make a living on platforms such as YouTube and TikTok, the reality is that unless you have millions of followers, whatever income you can earn is essentially peanuts in comparison to what those sites keep for themselves. As a result, most influencers are forced into doing sponsored posts where they advertise branded products, in order to earn a competitive income.
The GARI Mining program will provide a new option for creators, with Ghosh promising $12 million in annual payouts to users, based on $GARI’s current token price. Chingari’s top influencers will also be able to maximize their earnings potential by purchasing basic, bronze, silver, gold or diamond NFT GARI Badges that allow them to multiply their rewards by up to ten-times.
The program is expected to create renewed interest and growth for what is already one of India’s most popular apps. Chingari is ranked in Google Play’s top 20 in terms of app downloads and boasts over 40 million monthly average users.
Image source: GARI