How Salman Khan Backed Digital Assets Are Faring in the Crypto Bear Market

However, the journey for both the GARI token and its investors has since been tumultuous, wiping away both investor confidence and capital in the process.

In fact, the coin fell to its all-time low earlier this month, recording a one-day drop of over 85% on July 4, 2022. Not only did this scare off investors, it fueled rumors of the platform being hacked, which were later categorically denied by the issuers.

The coin continues to trade at around one tenth of its ATH as creators attribute the sudden drop in price to market dynamics and is pleading with its investors for a recovery to recover their invested capital.

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

Bollycoin, a platform aimed at using Non-Fungible Tokens (NFTs) to bridge the gap between the world of Bollywood and Web3, was launched in October 2021 in partnership with Salman Khan Films, Arbaaz Khan Productions, Sohail Khan Productions and Reel Life Productions. was launched in Pvt. Ltd introduced the BOLLY crypto token at a valuation of $0.1 during its first token sale.

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

However, in both cases, creators are rewarding their platform’s users and token holders by introducing new use cases that would not have been possible without blockchain technology.

With GARI, the creators of the Spark platform aim to transform the Indian content creator ecosystem, empowering creators to launch their own NFTs and giving their fans the opportunity to contribute via GARI tokens.

In addition, with the GARI Rewards program, content creators can now be awarded GARI tokens for unique content that is a hit with the Spark app user base and even for the platform through their GARI token holdings. participate in governance.

Bollycoin, on its part, is empowering Bollywood fans to not only consume premium Bollywood content including iconic dialogues, behind-the-scenes footage and even old posters, but also to enjoy these works of art using Bolly tokens. Also investing in representing NFTs.

As the entire crypto space comes to terms with the current liquidity challenges and negative sentiment arising from depressed cryptocurrency prices, the long-term outlook for the NFT space and the crypto industry as a whole remains quite positive.

Undoubtedly, the terra fiasco will be at play in the minds of investors and it will be good to stay updated with the latest developments surrounding a crypto project in which they want to invest.

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

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