Can cryptocurrencies act as a medium of exchange within certain online communities?
Twitter co-founder Jack Dorsey envisions Bitcoin eventually becoming the internet’s
“native currency”. The concept of a native token within a specific project, for example
ETH in Ethereum, and AUDIO in Audius has taken the cryptoverse
to another level. Please subscribe to the channel I’m sage for kalkine media.
Having adopted the same model is the GARI token, which is native to Chingari, a social media
platform with services like TikTok. As of writing, the GARI crypto’s trading volume has skyrocketed
by over 10,000%, with its price has declined almost 70%. What is the reason? Let us explore.
What is GARI crypto?
GARI is to Chingari what AUDIO is to Audius. Audius is a streaming platform,
which allows creators to share content in a decentralised manner with fans. Chingari
also provides similar services; however, it is uncertain whether its platform is fully based on
decentralised ledger or not. GARI Network DAO is the umbrella under with Chingari and GARI exist.
Chingari projects itself as a “watch-2-earn” platform for fans and a “create-to-earn”
place for creators. Users of the app are rewarded with the GARI token
for watching content, while creators also earn the token
as incentive. Chingari claims it has tens of millions of users for its social media app,
which now has added services like cryptos, non-fungible tokens (NFTs), and play-to-earn.
The project claims to be a player in Web 3.0, citing the drawbacks of Web 2.0,
where it claims big tech companies pocket the majority of revenue.
GARI token price
The price of the GARI token has exhibited volatility ever since its listing
on CoinMarketCap in January this year. It started with nearly US$0.7 per token,
hitting over US$0.9 in February, only to fall under US$0.3 in April.
As of writing, the token is under intense pressure, having lost almost 70%
over the past one day. The price currently stands at under US$0.2. Apart from this,
the wider crypto market is in the green, with BTC and ETH both having gained value.
Why is GARI crypto falling?
The decline seems to have commenced after the reports of the GARI token’s hacking hit
some crypto circles. In an apparent attempt to prevent any further damage to the token’s value,
GARI Network DAO refuted the reports, tweeting there had been no hack identified.
Bottom line
The GARI token of Chingari app serves as a way to incentivise both content creators
and consumers. The wider ecosystem is named GARI Network DAO, which appears
to be reflecting Chingari’s shift toward blockchain and decentralised governance.
The token has lost value lately, which could have been triggered
by the claims of the token’s hacking. The project has denied any hacking event in a tweet.
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