gari: GARI will be the winner of this crypto winter; video NFT Marketplace coming soon: Sumit Ghosh, Chingari

The Gari token has been dormant lately. It has fallen around 80 percent in just the last few days, which has hurt investors badly. What has been the root cause of the sudden fall of the token?
Simply put, the current price movement was just a black swan event. Prices first fell as a result of a large sell order of 2 million tokens, which our market maker, GSR, was unable to handle. A market order can often accommodate 600,000 worth of orders, but no one expected a sell order of 2 million tokens

In comparison, the volume was only around 300,000 on the current night of this event. This order pulled the price of GARI to $0.14, triggering further liquidations and selling resulting in a price crash. However, it is now stable at $0.10.

Do you think you will be able to recover from the tough times, or is India’s own Terra (LUNA) in the making? Are you making an effort to win back the trust of investors and users?

We are absolutely sure that we will soon recover from these challenging times. Some of the top projects of late have also witnessed price correction recently, including Binance and Polygon (MATIC). Price correction as a result of general bearish sentiment is just another market occurrence.

As other coins and tokens plummeted during the first months of crypto winter, ours held steady. In fact, it increased by 40 percent after the introduction of the GARI Mining program, which rewards users and creators for using the Chingari app. Every crypto winter has produced a winner and this time it will be GARI.

We have already clarified the reason behind the crash to our investors and users. Fortunately, the community has shown its support since the start of this project. Moreover, our team has always been transparent to the investors and the community by sticking to our mission and goals. We would like to reiterate that this is only a one-time event, we will come back stronger.

There was quite a “blame game” on Twitter where you accused KuCoin of not providing liquidity. Please elaborate on the same. What were the allegations and reasons that led to the heated exchange on Twitter? Do you still think that KuCoin caused you some trouble?
Calling it a blame game sounds unfair to both parties. In the midst of a sudden price correction, society wanted a complete picture. We simply informed our followers about the situation. As we mentioned earlier, it was only one large order that triggered a domino effect where Kucoin was not involved anyway.

How has the response to the Chingari app been? Has user interest gained a hit like investors’ interest? How about your mining program to incentivize users? Are you still going ahead with it?

We reiterate that our fundamentals are strong and just a hiccup in our journey towards 1 billion on-chain users. Since this event, more than 10,000 wallet signers have activated their GARI wallet users on a daily basis. We have already crossed 800,000 active wallet users on our platform, which is a testament to the constant support we receive from the creators and users.

Just look at the numbers, which speak for themselves. We have around 5 million daily active users and monthly users on top of 40 million. Our total downloads are 163 million, placing us in the top 20 most downloaded apps worldwide on Google Play, and daily more than 200 million videos are viewed on the app. GARI is among the top 3 projects on the Solana blockchain now.

The GARI mining program is valued and supported by all community members. It encourages the creators and users to just use the app. Our engagement rate has increased several times since the launch of the mining program.

The Chingari or Gari token is closely associated with Salman Khan. How is the actor connected to the network? He is rumored to be one of the early backers of the network. What are your comments on that?

Salman Khan is a global brand ambassador and investor in Chingari and this news is largely in the public domain.

What is the way forward for you after the whole debacle? What are your plans and timeline to move forward with them and what should investors and users expect from Gari Network in the coming days?

We continue to build the product with the latest technology, including Artificial Intelligence (AI), Machine Learning (ML) and Blockchain. We focused on the product

Although our token price was around $0.85 and now it is $0.10, we agree that in the current bearish market the GARI token price may not reflect the world class product we are building. But we are sure that it will in the future. In the coming days, we will launch the video NFT (vNFT) marketplace where creators can create an NFT from their videos and trade it on this platform. The idea is to move forward

the creators on our platform seeking content creation as a full-time job.