$Gari, an indigenous cryptocurrency token, was launched in India on 16th Oct 2021 by Chingari, a made-in-India short video app is also launching its NFT marketplace.

$Gari will have Bollywood actor Salman Khan as its brand ambassador, also present at its launch event in Mumbai. The crypto-token was developed in collaboration with Solana blockchain.

$Gari is advertised as a social token instead of a financial token, where creators will accumulate coins based on their content.

$Gari is said to help content creators on Chingari create their ecosystem by creating their own “e-commerce space for physical merchandise, NFT creations, and the ability for the fan community to fund” the artists on the platform.

Vishal Malhotra sold an (NFT) for 5500 USD this year; many Indian celebrities, including actors Amitabh Bachchan and Sunny Leone, have warmed up to the concept of NFT drops. Tokenization helps in bridging the gap between real-world business cases and global investors. There are more than twelve NFT marketplaces in India in just six months.

After Big B and Salman Khan, Suniel Shetty is the latest Bollywood celebrity to jump on the non-fungible token (NFT) bandwagon. Shetty is now an investor and advisor for Colexion, an NFT marketplace on the polygon network.

The underlying technology NFTs, or non-fungible tokens, is riding to the forefront of this new era. It’s no surprise that these digital assets are selling like hotcakes, with some of them reaching millions of dollars. The appeal of NFTs derives from their uniqueness because they cannot be replaced with similar products. Fungibility is a prerequisite for understanding NFT.

Fungibility is the ability of a good or asset to be readily interchanged for another of like kind. Money is a prime example of something fungible, where a $1 bill is easily convertible into four quarters or ten dimes, etc.

Like goods and assets that are not interchangeable, such as owned cars and houses, are non-fungible.,

NFTs are not cryptocurrencies in themselves, even though they are often bought and sold with Ethereum and Bitcoin. Cryptocurrencies, like USD, have fungibility. They are equivalent to each other in value. The amount you own does not change.

In the absence of any comparable value, NFTs are worth whatever the market is willing to pay. Any digital asset can be an NFT. To date, they include: