Earthquake magnitude estimation using peak ground velocities (PGVs) derived from Global Navigation Satellite Systems (GNSS) data has shown promise for rapid characterization of damaging earthquakes. Here, we examine the feasibility of using GNSS‐derived velocity waveforms as interchangeable data for rapid magnitude and ground motion estimation that typically rely on strong‐motion seismic records. Our study compares PGVs derived from high‐rate GNSS to those computed from high‐rate seismic records (strong‐motion and velocity) at collocated and closely located stations. The recent 2021 8.2 Chignik earthquake in Alaska that was recorded on collocated GNSS and strong‐motion sensors provides the perfect opportunity to compare the two data streams and their application in rapid response. The Chignik velocity records appear almost identical at collocated GNSS and strong‐motion stations when observed at frequencies <0.25 Hz. GNSS and strong‐motion derived velocity data are further employed to generate rapid estimates of PGV‐derived moment magnitudes for the earthquake. The moment magnitude estimates from GNSS and joint GNSS and joint (GNSS and seismic) data are within ∼±0.4 magnitude units (Fang et al., 2020) of the final magnitude ( 8.2). ShakeMaps generated for the 2021 Chignik earthquake using GNSS and seismic PGVs show notable agreement between them, and show negligible shifts in PGV contours when collocated and closely located GNSS and seismic stations are substituted for one another. Therefore, we posit that GNSS is a powerful alternative or addition to seismic data and vice versa.