The post With GARI Mining, Chingari App Users Collectively Earn Over $300K In Crypto Rewards appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
After enabling users to earn cryptocurrency rewards for engaging with its mobile application, Chingari has revealed on Twitter that it has paid out over $300,000 just one week after the feature went live.
The GARI Network said more than 111,000 users have so far claimed $313,573 worth of GARI tokens from a pool of 400,000 that has been set aside as a reward for users who perform activities in its app such as uploading, liking, sharing, and commenting on videos.
In the first 8 days of #Garimining, over 111k users mined GARI tokens from a pool of 400k which means $ 313,573 worth of GARIs has been rewarded to our beloved community just for social media entertainment on the @Chingari_IN app. Crazy right!
— GARI Network (DAO)
How much have you earned? Commentpic.twitter.com/FL1t8rqF6E
(@GariToken) June 21, 2022
Each day, a fresh pool of 50,000 GARI tokens is mined and distributed to Chingari’s community based on their level of engagement with the app. Of that pool, 5,000 is reserved for login bonuses, while the remaining 45,000 are handed out for completing other tasks in the app.
Chingari explained when it launched GARI Mining last week that it’s seeking to revolutionize the creator economy through crypto. It wants to create a new income stream for influencers while also rewarding those who view their content. At present, most influencers can only earn revenue from sponsored posts that involve advertising branded products to their fans. Chingari is therefore creating an alternative income stream. With GARI, it’s also possible for users to tip their favorite influencers, adding to the rewards they receive for uploading new videos.
In this way, Chingari said it has created an entirely new concept of “create-to-earn” and “engage-to-earn”. It’s a model that has huge potential, for Chingari is one of the most popular mobile apps in India with more than five million daily active users, ranking even higher than names such as Instagram and Facebook in the Google Play Store.
The initiative has sparked a lot of interest in the GARI token. The token’s price had been fluctuating at around $0.60 in the days running up to the launch of GARI Mining, only to jump to a high of $0.83 within hours of the rewards going live.
With the rise in value of GARI, numerous Chingari users revealed they have already racked up some fairly substantial returns due to their app engagement.
Twitter user @Pinkyy_38 revealed total earnings so far of 117 GARI, amounting to $95 at the current market rate, while @shoaib_pz did even better, saying he had amassed more than $380 in GARI to date.
Chingari users can purchase NFTs, called GARI Badges, to multiply their GARI rewards. The cheapest “Basic” badge enables users to double their daily rewards, while a “Bronze” badge will result in a three-times increase. Meanwhile, the most expensive “Diamond” badge multiplies user’s earnings by ten-times the usual rate.
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