Non-fungible tokens (NFTs) and the metaverse make it possible for people to exist within virtual spaces. This relatively new area of innovation falls under the crypto ecosystem, which touts a market capitalization of $2.2 trillion at press time.
In particular, NFTs are launching on various blockchains, with stakeholders moving towards faster Layer 1 chains like Solana.
While Ethereum still leads the pack in DApp development, Solana is slowly climbing the ranks and currently hosts over 350 DeFi and NFT applications.
According to CryptoSlam metrics, over $1 billion in NFT sales have been made on Solana as of January 2022. The largest is the Degenerate Ape Academy NFT collection, where a total of 10,000 ‘Apes’ were sold. indistinguishable for close to $2 million.
Well, there’s a new Solana NFT collection on the block; Chingari, one of the most popular short video apps, recently launched its NFT collection called ‘GARI Panda’.
This milestone will propel Chingari’s journey from a centralized maker economy to a decentralized ecosystem. Given the platform’s strong user base of 35 million, a move into the metaverse will likely attract more interested parties.
A new NFT collection in Solana
The GARI Panda NFT Collection was released on March 29 through a pre-sale on the SolRazr launch pad. Following the successful completion of this event, 4,999 GARI Panda NFTs were released to the public market with the debut price set at 2 SOL.
Meanwhile, the remaining ‘Pandas’ (5,000) will be equally distributed between the GARI and SOLR ecosystems.
So how is this collection different from the speculative NFTs that have been rolling out in recent months? In addition to strong support from the Solana community, GARI Panda NFTs will be the heartbeat of the Chingari metaverse (Chingari-verse).
With that said, let’s dive deeper into the value proposition of this upcoming NFT collection and metaverse.
Free access for life in Chingari-verse
GARI Panda NFT holders will enjoy free lifetime access to the Chingari metaverse, which will host virtual experiences from influencers and celebrities.
Additionally, members of the Chingari Panda club will be able to attend exclusive ‘by invitation only’ parties held in collaboration with leading figures.
The Chingari metaverse will feature rewards from the p2e ecosystem for GARI Panda owners who participate in chain games.
The community will also be eligible for a portion of the revenue generated from NFT-minted newsletters and Panda clothing business products (10% of all online and offline sales).
Exclusive interaction with Bollywood stars
Chingari Panda club members will have a once-in-a-lifetime opportunity to meet Bollywood’s A-listers, with exclusive AMA sessions.
Additionally, this NFT community will be exposed to premium content from creators, allowing users to virtually participate in paid live streams and Chingari-sponsored events.
Music video streaming and film production
Chingari-verse will introduce an independent record label (Chingari Music) where fans can stream premium content.
Proceeds from this initiative will be distributed to the GARI Panda NFT club. More interestingly, Chingari-verse will pioneer a decentralized film complex, allowing its NFT community to invest in short film productions.
Looking to the future
With barely a week since the official launch, Chingari’s NFT collection has shown great potential to take the short video app to the next level.
The project also plans to enable a passive income strategy through the participation of NFTs; this program will reward GARI Panda NFT holders with the $GARI token (currently used to tip creators on Chingari). This token is already listed on several crypto exchanges including Huobi, OKX, and MEXC Global.
Moving away from fundamental architecture, Chingari will leverage industry partnerships to scale its metaverse.
The firm recently partnered with Fashion TV, a move that will allow both players to enhance their metaverse worlds. Commenting on this particular milestone, Chingari CEO and co-founder Sumit Ghosh noted that,
“The partnership will be mutually beneficial for both brands and Chingari will gain exclusive rights to play Fashion TV content on its platform.”
In the future, Chingari’s goal is to become one of the most active and cutting-edge metaverse ecosystems in the creative industry.
Thanks to the experience of the firm and the launch of the NFT collection, this vision could soon be a reality.
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