Chingari is the latest social media giant to join the NFT trend following the launch of its GARI Panda NFT collection. This India-based firm has released 9,999 digital collectibles to mark their official entry into the cryptoverse. Built on the Solana blockchain, GARI Panda NFTs were launched via the SolRazr launchpad, where the presale is currently ongoing.
According to the release schedule, Chingari is set to commence the public sale of GARI Panda NFTs on March 31. A total of 4,999 NFTs will be integrated into the secondary markets, with the floor price set at 2 SOL tokens. As for the remaining GARI Panda NFTs, 2,500 will be reserved for the GARI community while the rest will go to the SOLR community.
Since its launch in 2018, Chingari has attracted a significant number of users in the Indian market, especially after the TikTok ban. Today, this platform touts close to 35 million active users and targets to scale this number to 200 million by the end of 2022. It comes as no surprise that they are expanding into the metaverse (the latest trend in crypto).
Chingari’s pivoting into a virtual world will enhance the user experience of fans and creators on the platform. Contrary to most speculative digital collectibles, GARI Panda NFTs play a primary role in the Chingari-verse. Stakeholders who purchase these NFTs will have access to several features, including the ability to place ads on Chingari.
Furthermore, the NFTs will grant holders exclusive rights, allowing direct interaction with Bollywood stars and leading content creators. As for the network incentives, GARI Panda NFT owners will be exposed to a 10% share of the revenue generated from Panda product sales and p2e gaming rewards.
These NFTs will also enable a free lifetime membership in the Chingari ecosystem, alongside passive benefits from Chingari’s upcoming record label. More interestingly, Chingari will debut a decentralized movie production house dubbed ‘Chingari Multiplex’, enabling GARI Panda NFT holders to diversify their investments on the metaverse.
Like most decentralized projects, Chingari plans to introduce a staking program for its recently launched NFT collection. This means that GARI Panda NFT owners will be able to generate a passive income in the form of $GARI tokens, which will act as the reward asset. Notably, this native token is currently listed on several exchanges, including FTX, KuCoin and Huobi.
Though still in the rollout stages, Chingari’s metaverse will likely rip big from the platform’s current market share. In addition, GARI Panda NFTs value proposition is a game-changer in the content creation industry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.