Aptos Labs is expanding into the Web3 space by investing in TikTok’s competitor short video app, Chingari.
Chingari Selects Aptos Blockchain
The parent company behind the Aptos blockchain has recently made an equity investment in the social media app, Chingari. According to reports, the latter will be adopting Aptos as its preferred Layer 1 blockchain. The Aptos blockchain uses the Move programming language built on top of Rust, the language of the Solana blockchain. The video-sharing app has been on the lookout for a blockchain network that would bring in speed and scalability without compromising on security.
Mo Shaikh, Co-founder and CEO of Aptos Labs, commented on the collaboration,
“Chingari was looking for the speed, safety and scalability of the Aptos network to support their millions of users – and to onboard millions more in the future.”
Chingari Pushes For Decentralized Social Media
The on-chain social media app, which was founded back in 2018, follows a similar platform model as TikTok. It has over 5 million active users daily, with over 200 million videos watched on the platform. When it started out, it was a web2 platform. However, since then, it has adopted several web3 functionalities. For example, the startup’s first venture in the Web3 space was with the launch of its NFT collection on Solana in March 2022. It has already launched its own native token GARI on the Solana network. Creators on Chingari can use GARI to vote on governance and be compensated for their contribution based on a create-to-earn model. The platform has also sponsored an exclusive new marketplace known as Creator Cuts, which allows users to mint and sell video NFTs from Chingari video clips. Notably, the social media app is spearheading the push for decentralized social media, where users have greater control over the platforms.
The Aptos L1 Blockchain
Several Solana developers have moved to Aptos due to technical challenges with the blockchain. The startup’s CEO, Sumit Ghosh, has claimed that the company is focusing on hiring talent at a time when other companies in the web3 are going through mass layoffs.
“After intense months of technical due diligence and evaluation of the Aptos blockchain, we have chosen it as the rightful chain for the newer version of the Chingari App which will go live in early Q2 of 2023.”
Chingari has already raised over $88 million from prominent VC names in Web3, like Kraken, Republic Crypto, and Galaxy Digital.
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