When talking about Indian blockchain platforms and online media, it is impossible to overlook Chingari.
TikTok is the most successful social short video platform for the moment, but Chingari is one of the most capable competitors within the industry.
Moreover, the platform is representative of an attractive combination of blockchain technology and a social media short video platform.
By capturing two trendy industries together, the platform has successfully combined both crypto and video.
Tech4Billion Media Private Limited owns the Chingari App, which is a short video sharing platform similar to TikTok. Users can produce and upload videos in over 20 languages, including English and Hindi, with the platform.
Users can choose a song, lip-sync, dance, voice over movie scenes, create comedic lines, and make a creative video to a song with this software.
In addition, the program also has built-in filters for creating video visual effects – which are extremely popular. All of this adds up to a winning platform that is finding success in the market.
Chingari is Massive in India and Growing Globally
India is currently the fifth most ‘crypto-aware’ country, based on total global searches over the last 12 months, the number of crypto owners, the global crypto adoption index, and other criteria.
In a recent research by the broker discovery and comparison tool BrokerChooser, the country was ranked among the top 50 countries based on interest and awareness for crypto among its citizens.
According to a recent report, global crypto use increased by more than 2300 percent since Q3 2019 and by more than 881 percent in the previous year by the end of Q2 2021.
To wit:
“In emerging markets, many intercommunicate cryptocurrency to preserve their savings within the face of currency depreciation, send and receive remittances, and conduct business transactions,” consistent with the report, “while adoption in North America, Western Europe, and Eastern Asia has been fueled largely by institutional investment over the last year.”
Even as the Modi government considers regulating India’s cryptocurrency ecosystem, the popularity of Bitcoin and other cryptocurrencies among Indian consumers remains high.
A Popular Platform
The Chingari app was first released in 2018, and after TikTok was banned in India on June 29, 2020, its user base exploded dramatically.
In India, Chingari quickly became the “go to” app for social media users. Chingari is a Hindi term that means “spark,” and their target audience is 14-35 year olds.
The app is expanding its content delivery to include games, news, and short-form video on demand.
Noticeably, Chingari, a social media network for sharing short-form movies with over 78 million downloads, has raised $19 million in funding from over 30 venture capital firms and individual investors.
The funds will be used to help the firm develop its ‘$GARI’ coin alongside Solana, the fastest-growing crypto ecosystem. In addition, the funding will be used to test the blockchain in real time, develop Chingari Integration beta, and help with the $GARI token sale.
These tokens, according to Chingari, will be crucial to the platform since they would allow producers to generate money by merchandising and setting up their own e-commerce space. This also allows users to support their favorite musicians.
More Ways to Use Tokens
The upshot of this infusion of Social Tokens as the future of community platforms for creative monetization.
The top important companies who participated in the funding program of the platform include Republic Crypto, Solana Capital, Kraken, LLD Capital, Long Term Ventures, CSP DAO, Galaxy Digital, Alameda Research and more. Hence, it is said that Chingari is currently achieving new milestones during its evolution.
Many alternative apps, such as Chingari, Roposo, and Trell, have attempted to fill the void left by TikTok’s ban in India after its redesign in June 2020.
Since then, the number of Chingari users is said to have grown dramatically, passing 100,000, 1 million, 10 million, and then 50 million members in just six months.
Rewarding Creators
The creator-centric strategy is fueling its expansion, drawing talent and producing engaging content for its over 80 million subscribers.
Hence, the developers of a platform are its future. On the one hand, Chingari has a huge talent pool that has to be tapped into and rewarded with a fair amount of money. On the other hand, although cryptocurrency is gaining popularity in India, $GARI is on track to make it mainstream.
According to Raj Gokal, COO of Solana Labs, “Collective ownership of social platforms like Chingari has the potential to upend the creator-platform relationship and uncover new monetisation options for creators…The tremendous throughput, low transaction costs, and quick finality of the Solana blockchain make it an excellent foundation for applications aiming for worldwide adoption.”
Chingari Will Likely Grow From Here
The Chingari team has created a fantastic product that has a high user retention and growth rate. Short-form challenges from Onmo Gaming and short-form videos from Chingari work nicely together.
In fact, Chingari can do more than TikTok for its users, which makes it one of the most favorable platforms in India for growth. One of the most incredible creator features is that it allows users to gain affiliate revenue.
Specifically, every video shared to the Chingari app will be processed frame by frame using computer vision and advanced algorithms to identify things, which will then be matched to a live Amazon.in buying catalogue.
Synergies With Online Shopping
This would enable real-time shopping for every video in users’ feeds, as well as create affiliate revenue for content creators on Chingari.
For this reason, Chingari’s first step toward creating a creative economy and expanding vertically beyond user-generated short films is this.
By making millions of videos on Chingari shoppable – a portion of the profits will be shared with the producers, making Chingari’s creator economy a complete circle economy, in which creators are compensated if their content generates cash.
Moreover, all of the new technology, according to the creator, was created by a team based in Bangalore and Mumbai. “Made in India,” in other words.
Last year, Chingari was one of the 24 winners of Prime Minister Narendra Modi’s Aatmanirbhar Bharat App Innovation Challenge.
Already Making Waves
Chingari has marked its outstanding success through not only its attractive features but also its efficient collaboration with other firms. One of these is the partnership of the platform with the TrueFan app.
In particular, Chingari has teamed up with TrueFan, a fan engagement app, to help movie fans connect with their favorite celebrities and receive personalized video messages and calls.
As a result, the contest called #TrueFanChingari launched as part of the collaboration a couple months ago.
In addition to Ekta Kapoor’s ALTBalaji for bite-sized material and video memes that will be available on a different page, Chingari has teamed up with Bengali streaming service who is known as Hoichoi for short-video snippets and dialogue from both series and movies on the site.
The platform has entered into a strategic agreement with Bhojpuri cinema channel Filamchi to live stream movie premieres.
The collaboration began with the debut of the Bhojpuri film Loha Pahalwan, which began streaming on Chinagri and the Filamchi TV channel on Saturday.
Chinagri Finds New Market Segments
Chingari, dubbed “India’s TikTok,” is expanding beyond short films created by users and is expected to continue its explosion within both social media and crypto industry.
With an already popular product, and a broad view of what is possible in the online media space, Chingari will likely find news ways to expand, and eclipse the limited format that TikTok pioneered.
The post Chingari Review: Why Has it Exploded in Popularity? appeared first on Blockonomi.
October 12, 2021 at 05:59AM https://blockonomi.com from Blockonomi https://ift.tt/3Dsx8aE
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