Web3 provides opportunities for startups to create new business models and generate revenue through decentralised finance (DeFi) and non-fungible tokens (NFTs)
Web3, also known as Web 3.0, is the internet’s next generation, which uses blockchain technology to enable decentralised applications and smart contracts.
Web3 provides opportunities for startups to create new business models and generate revenue through decentralised finance (DeFi) and non-fungible tokens (NFTs). Startups can also build and launch their decentralised applications on existing blockchain platforms such as Ethereum and Solana.
“Chingari powered by GARI is a successful case study of an Indian startup that became a global brand in just two years by deploying Web3 intelligence and revolutionising the creators” economy, explained Sumit Ghosh, Co-founder & CEO, Chingari App
Chingari adopted Web3 at a time when large social media companies were still figuring out how to transition their platforms and ecosystems to a blockchain-based, decentralised business model that allows for user monetization, Sumit Ghosh further stated.
Chingari has been using Web3 to its advantage for a considerable amount of time. The introduction of GARI (native Social Token) has not only aided the platform in enabling monetization for creators, but it has also given the app an advantage over its competitors, allowing them to build a strong network of loyal GARI and Chingari users who have been able to earn GARI Tokens through the GARI Mining Program.
The platform also launched Creators Cut, a video NFT marketplace that allows creators to mint and sell their own NFTs, while users can bid and buy vNFTs, bet on creators, and receive up to 10% cut of the creator’s future earnings. This provided them with a new revenue stream while also giving the platform a first-mover advantage in the video NFT space.
Many Web2 companies, like Chingari, are now actively working on migrating to the Web3 ecosystem and exploring the new opportunities available. Lately social media behemoths like Instagram, Reddit and Twitter have also integrated NFTs to their platforms.
The Web3 space is still in its infancy, but it has the potential to transform the way we interact and conduct business online. It’s a growing industry, and many startups are exploring new and innovative ways to use blockchain technology to create decentralised solutions that can benefit both individuals and organisations.
With the battle-tested GARI Web3 Stack, any web2 application can quickly pivot to Web3, harness the power of the Chingari user base, and be a part of the web3 revolution.
For more information, go to: https://business.gari.network
Web3 India is the future of India’s digital transformation! It is time to move to a more transparent and secure digital India!