Following the debut of its GARI Panda NFT line, Chingari is the latest social media powerhouse to jump on the NFT bandwagon. To commemorate its official arrival into the cryptoverse, this India-based company has released 9,999 digital artefacts. GARI Panda NFTs were released via the SolRazr launchpad, where the presale is now underway.
Chingari is scheduled to begin the public sale of GARI Panda NFTs on March 31, according to the release schedule. There will be a total of 4,999 NFTs integrated into secondary markets, with a floor price of two SOL tokens. The remaining 2,500 GARI Panda NFTs will be held for the GARI community, while the remainder will be distributed to the SOLR community.
Since its inception in 2018, Chingari has garnered a sizable user base in India, particularly following the TikTok ban. This platform currently has close to 35 million active users and aims to reach 200 million by the end of 2022. It’s unsurprising that they’re branching out into the metaverse (the latest trend in crypto).
Chingari’s transition to a virtual world will improve the platform’s user experience for fans and developers. Unlike the majority of speculative digital collectibles, GARI Panda NFTs are central to the Chingari-verse. Purchasers of these NFTs will gain access to a variety of benefits, including the ability to advertise on Chingari.
Additionally, the NFTs will confer exclusive rights on holders, enabling direct connection with Bollywood celebrities and prominent content creators. In terms of network incentives, GARI Panda NFT owners will receive a 10% cut of revenue earned by Panda product sales and peer-to-peer gaming awards.
Additionally, these NFTs will provide a free lifelong membership in the Chingari ecosystem, as well as passive advantages from the planned Chingari record label. More intriguingly, Chingari will launch a decentralized film production company branded ‘Chingari Multiplex,’ which would enable GARI Panda NFT investors to diversify their metaverse assets.
As is the case with the majority of decentralized projects, Chingari intends to implement a staking program for its newly announced NFT collection. This means that owners of GARI Panda NFTs will be able to earn a passive income stream in the form of $GARI tokens, which will serve as the reward asset. Notable is the fact that this native cryptocurrency is now listed on a number of exchanges, including FTX, KuCoin, and Huobi.
Though the metaverse is still in its early phases of development, Chingari’s metaverse is anticipated to eat into the platform’s present market share. Additionally, the value proposition of GARI Panda NFTs is a game changer in the content creation market.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
