Aptos Labs backs a Web3 rival to TikTok

Indian social network Chingari received investments from Aptos Labs to “strengthen its position in the global Web3 market”.

For more details on the partnership, please refer👇https://t.co/Rn3CHkEd7s

— Chingari, Leading Web3 Social Media🔥 (@Chingari_IN) February 8, 2023

The updated Aptos Network-based app will be launched in the second quarter of 2023, the developers stressed.

According to them, the daily active users of a TikTok-like social network stands at five million.

“Chingari is pursuing speed, security, and scalability of the Aptos network to support millions of its users and attract millions more in the future,” said Mo Sheikh, CEO and co-founder of Aptos Labs.

Initially the social network started as a Web2 platform, but over time began to implement Web3 elements. The startup issued the GARI token on the Solana network to reward content creators and for on-chain voting, and then announced an annual airdrop of crypto assets worth $12 million.

According to Chingari representatives, moving to the Aptos blockchain “will give creators ownership of their own content and receive corresponding rewards.”

According to Crunchbase, after 10 funding rounds the startup has raised $88.4 million. Investors include Kraken, Republic Crypto and Galaxy Digital.

CEO and co-founder Sumit Gosh emphasised that the company will increase its staffing while many other Web3 platforms are forced to cut staff.

In the wake of the news of the GARI token integration, it rose by more than 25%.

Earlier, the team Aave introduced Lens Protocol, designed to simplify the creation of Web3 social platforms. In October the protocol resumed operation after an outage.

Recently the decentralized social network Damus began operating and announced payouts in satoshis.