Mumbai: spark, a domestic short-video platform, has been launched cryptocurrency Token called $GARI and its own market for it
Non-fungible tokens (NFTs).

bollywood actors Salman Khan, who
recently announced NFT Collection, its own, has signed on as a brand ambassador for the NFT marketplace. He launched the $GARI program in Mumbai on Saturday.

The company said $GARI will enable content creators to create physical merchandise, NFT creations on the spark app, and set up their own ecommerce space to help people fund their favorite artists.

Cofounder Sumit Ghosh said that with the launch of $GARI, Spark is poised to become a “trailblazer of social infotainment platform” and “will be at the forefront of Indian crypto blitzkrieg”.

“Spark’s blockchain platform will allow users to receive tokens for creating or viewing content. The idea is to monetize the talent of creators and empower them through a social platform,” said Ghosh, who is also its chief executive. .

Recently, spark
raised over $19 million Exchange its tokens from over 30 venture funds and individual investors. Ghosh told ET that a total of $1 billion worth of GARI tokens are being supplied. Next month, the token will open for sale to “accredited US and non-US investors” and will eventually be listed on crypto exchanges. Spark’s team owns 10% of the total supply.

Ghosh said that Spark has closed a $15 million equity funding round that has seen participation from investors OnMobile, Republic, AngelList and existing investors. The funding will help the company build ‘$GARI’ with the Solana ecosystem in crypto technology. The company also plans to build features to enable creator monetization and usability of crypto tokens in social media user cases.

Founded in November 2018, Spark lets users download short videos and shop merchandise within the app, among other things. The Bengaluru-based app has 50 million monthly active users and 85 million downloads so far.