Web3 Social Video App Chingari Goes Multi-Chain with Aptos Partnership

The announcement sent Chingari’s native token $GARI up nearly 50% with 24-hour volume rising to $9 million from $1.3 million in five hours.
Image source: Chingari/Twitter

Quick take: 

  • Chingari has announced a partnership with Aptos Blockchain.
  • The web3 social video app native to the Solana blockchain is going multi-chain with this partnership.
  • The announcement boosted Chingari’s native token $GARI’s price by nearly 50% shortly after the announcement.

India’s leading web3 social video app Chingari is going multi-chain. The Solana-native app on Wednesday announced a partnership with the proof-of-stake Layer 1 blockchain Aptos. According to The Block, Aptos also made an equity investment in the app to become Chingari’s preferred Layer 1 blockchain.

Founded in 2018 with the aim of becoming the TikTok of India, Chingari pivoted to web3 in 2021. The company raised $15 million in January 2022, which it used to revamp the development of its celebrity-focused NFT marketplace.

Chingari allows Bollywood celebrities and music artists to share with their fans short videos, which are minted as NFTs.

Chingari sees its partnership with Aptos as a stepping stone into other markets according to the company CEO and co-founder Sumit Ghosh.

Chingari also thinks Aptos provides an exciting opportunity for the platform given the L1 blockchain’s “immense social media ecosystem experience.”

“The impact of Chingari building on Aptos blockchain will pave the way for a strong foundation and case study in the Indian ecosystem prior to expanding towards newer markets in the near future,” Ghosh told CoinDesk.

According to World Population Review, India has surpassed China to become the world’s most populous country with over 1.4 billion people. The report released last month showed that India now has 5 million more people than China.

Last year, people using smartphones reached 829 million, creating a massive opportunity for mobile app companies to tap into. And Chingari seems motivated by these numbers, based on its Aptos partnership tweet.

The company also thinks going multi-chain will further its goal. In a blog post announcing the partnership, Chingari said Gari Network will reap the benefits of scalability, interoperability and increased security by expanding to other blockchains.

Announcing the partnership via Twitter, Aptos lauded the Chingari as the world’s fastest-growing on-chain social app highlighting its 2.3 million members. According to the block, the app also boasts over 5 million monthly active users and has over 200 million short videos uploaded since 2018.

Traders of the $GARI token immediately reacted to the news rallying the token by nearly 50% and also boosting the 24-hour volume to about $9 million within five hours.

Source: CoinMarketCap


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