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Business News/ Markets / Cryptocurrency/  How Bollywood star Salman Khan-backed digital assets are faring in the crypto bear market

How Bollywood star Salman Khan-backed digital assets are faring in the crypto bear market

While the GARI token has plunged by almost 90% from its all-time high, another token backed by the actor has also fared similarly in the current ‘crypto winter’

Bollywood actor Salman KhanPremium
Bollywood actor Salman Khan

When social network app Chingari roped in leading Bollywood actor Salman Khan to launch their GARI crypto token on the Solana network, it was met with much enthusiasm from Indian crypto fans and even peaked to its all-time high (ATH) of $0.958 in February 2022.

However, the journey for both the GARI token and its investors has been riddled with volatility ever since, wiping out both investor confidence and capital in the process.

In fact, the token plunged to its lowest level earlier this month, with a one-day drop of more than 85% being recorded on 4th July 2022. Not only did this spook investors, it sparked rumours of the platform being hacked, which was later categorically denied by the issuers.

With the creators ascribing the sudden price drop to market dynamics, the token continues to trade at nearly one-tenth of its ATH and has left its investors praying for a recovery to recoup their invested capital.

While what happened with the GARI token is not an isolated event, another crypto project vetted by the actor has also performed similarly, albeit with a far more gradual decline since its launch.

BollyCoin, a platform that aims to use non-fungible tokens (NFTs) to bridge the gap between Bollywood and the Web 3 world, was launched in October 2021 in partnership with Salman Khan Films, Arbaaz Khan Production, Sohail Khan Production and Reel Life Production Pvt. Ltd, introducing the BOLLY crypto token at a valuation of $0.1 during its first token sale.

However, the token has since lost nearly 75% of its value and has been a massive wealth destroyer since its launch, just like the GARI token. Despite launching a bespoke NFT collection based on the actor’s much-loved Chulbul Pandey character, BollyCoin’s Chill Bull NFT collection hasn’t done much to revive the price of its native token.

In both cases however, the creators have been persisting with rewarding their platform’s users and token holders by introducing new use cases that could not have been possible without blockchain technology.

With GARI, the makers of the Chingari platform aim to transform the Indian content creator ecosystem by empowering creators to launch their own NFTs and offering their fans the opportunity to contribute through the GARI token.

Moreover, with the GARI rewards programme, content creators can now be awarded GARI tokens for unique content that is a hit with the Chingari App user base and even participate in the governance of the platform via their GARI token holdings.

BollyCoin on its part is empowering Bollywood fans to not only consume premium Bollywood content including iconic dialogues, behind the scenes footage and even vintage posters, but also invest in NFTs representing these works of art by using the BOLLY token.

As the entire crypto space comes to grip with the current liquidity challenges and negative sentiment emanating from depressed cryptocurrency prices, the long-term outlook for the NFT space and the entire crypto industry in general remains quite positive.

Investors will undoubtedly have the Terra fiasco playing in their minds and would do well to stay updated of the latest developments surrounding a crypto project they wish to invest in.

That being said, it remains to be seen how the GARI and BOLLY tokens perform in the current bear period, as investors hope for a Salman Khan-esque ‘dabangg’ recovery for their prices.

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Published: 13 Jul 2022, 06:11 PM IST
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