The short video app Shrimp has launched its first NFT marketplace, Social Token

Short video app Chingari launches its first NFT marketplace, social token

Popular short video platform Shrimp has launched its first crypto token ‘$ GARI’, launching its own NFT (non-fungible token) marketplace. Bollywood actor Salman Khan was present with actress Bani Kapoor during the launch announcement.

Recently, the company has raised more than ভে 19 million in funds from more than 30 venture funds and individual investors. With the funds raised, the company will create features to enable creator monetization and create Gary Token utilities in the case of attractive social media users.

Some of the major companies participating in the fund round include Republic Crypto, Galaxy Digital, Almeida Research, Solana Capital, Valer Equity Partners, Kraken Ventures, Blackpine, NGC, Coinfund, LD Capital, 11-11Com, Ventures, Afton Capital, and CSP DAO, among others.

With a view to establishing ‘social tokens’ as the future of community platforms, $ GARI aims to transform the creator ecosystem of the Indian subcontinent, enabling creators to establish their e-commerce space including physical products, NFT creation and power for their fan community. Funding dear artists, ”said Sumit Ghosh, CEO and co-founder of Chingari, in a statement.

Founded in November 2018, Shrimp allows users to download and upload short videos in the app, among other things, and to shop for merchandise. The Bangalore-based rival of Instagram Reels, MX Takatak, Josh and Moj boasts 50 million monthly active users and 85 million downloads to date and the co-founders are confident that it will be India’s fastest growing ‘social token app’.

Since its redesign in June 2020, Spark has worked to fill the void left by the ban on tick bites in India. It is claimed that the number of shrimp users has increased rapidly since then.

(With IANS input)

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