Non-fungible tokens (NFTs) and the metaverse are making it possible for people to exist within virtual spaces. This relatively new area of innovation falls under the cryptocurrency ecosystem, which touts a market capitalization of $2.2 trillion as of press time.
Most notably, NFTs are being launched on various blockchains, with stakeholders pivoting to faster Layer-1 chains such as Solana.
While Ethereum still leads the pack in DApp development, Solana is slowly rising the ranks, currently hosting over 350 DeFi and NFT applications.
According to CryptoSlam metrics, over $1 billion in NFT sales have taken place on Solana as of January 2022. The largest one is the Degenerate Ape Academy NFT collection where a total of 10,000 indistinguishable ‘Apes’ sold for close to $2 million.
Well, there is a new Solana NFT collection on the block; Chingari, one of the most popular short-video applications, recently launched its NFT collection dubbed ‘GARI Panda’.
This milestone will kickstart Chingari’s journey from a centralized creator economy to a decentralized ecosystem. Given the platform’s 35 million-strong user base, a move into the metaverse will likely attract more stakeholders.
A New NFT Collection on Solana
The GARI Panda NFT collection launched on March 29 through a presale on the SolRazr launchpad. Following the successful completion of this event, 4,999 GARI Panda NFTs have been released to the public market with the debut price set at 2 SOL.
Meanwhile, the remaining ‘Pandas’ (5000) will be equally distributed between the GARI and SOLR ecosystems.
So, how is this collection different from the speculative NFTs that have been launching in recent months? Besides a solid backing from the Solana community, GARI Panda NFTs will be the heartbeat of Chingari’s metaverse (Chingari-verse).
That said, let’s delve deeper into the value proposition of this upcoming NFT collection and metaverse.
- Lifetime Free Access on Chingari-verse
GARI Panda NFT holders will enjoy a lifetime free access to Chingari’s metaverse, which will be hosting virtual experiences by influencers and celebrities.
In addition, members of the Chingari Panda club will be able to attend exclusive ‘invite-only’ parties held in collaboration with prominent figures.
- Ecosystem Rewards
Chingari’s metaverse will feature p2e ecosystem rewards for GARI Panda owners who engage in the on-chain games.
The community will also be eligible for a share of the revenues generated from NFT-minted newsletters and Panda apparel merchant 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 A-listers, featuring exclusive AMA sessions.
Furthermore, 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 Movie Production
The Chingari-verse will introduce an independent recording 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 movie complex, enabling its NFT community to invest in short movie productions.
Looking Ahead
With barely a week since the official launch, Chingari’s NFT collection has shown massive potential in taking the short-video application to the next level.
The project also plans to enable a passive income strategy through NFT staking; this program will reward GARI Panda NFT holders with the $GARI token (currently being used for tipping creators on Chingari). This token is already listed on several crypto exchanges, including Huobi, OKX and MEXC Global.
Moving away from the fundamental architecture, Chingari will leverage industry partnerships to scale its metaverse.
The firm recently partnered with Fashion TV, a move that will enable both players to enhance their metaverse worlds. Chingari’s CEO and Co-Founder Sumit Ghosh commented on this particular milestone, noting that,
“The partnership will be mutually beneficial for both the brands with Chingari getting exclusive rights to play Fashion TV content on its platform,”
In future, Chingari’s goal is to become one of the most active metaverse ecosystems with a cutting edge in the creative industry.
Thanks to the firm’s experience and NFT collection launch, this vision could soon be a reality.
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