Aptos Labs, a blockchain company, is making its move into web3 social media by investing in Chingari, a short video app.
With five million daily active users and over 200 million videos watched daily, Chingari has established itself as a popular platform for users to upload and share short videos, similar to TikTok.
As a result of the investment, Chingari will now be powered by the Aptos blockchain. The Aptos network offers speed, safety, and scalability, which will support Chingari’s growing number of users and its plans to onboard even more in the future.
Chingari initially started as a web2 platform but has since adopted web3 technologies. The company launched the GARI token on the Solana network, allowing creators to be compensated and participate in governance.
However, due to technical challenges with the Solana blockchain, several developers have since moved to Aptos.
The partnership with Aptos will give creators the ability to own their own content and be properly compensated.
The company has raised over $88 million from investors such as Kraken, Republic Crypto, and Galaxy Digital. Chingari’s CEO, Sumit Ghosh, stated that the company will ramp up hiring and launch the newer version of the Chingari app in early Q2 of 2023.
The decentralized aspect of Chingari will give creators more control over their data and put users in a position where they are not at the mercy of one specific individual or company.
This is becoming an increasingly important aspect of social media, as highlighted by recent events surrounding Elon Musk’s takeover of Twitter.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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