- Creators on the Chingari app can mint their videos and sell them on Creator Cuts
- Holders of these video NFTs (vNFTs) will receive 10% of the daily GARI earnings of the creators
Leading global on-chain social app Chingari has announced the launch of its vNFT marketplace ‘Creator Cuts’.
The marketplace will feature outstanding videos from Chingari’s top creators, which will be minted as vNFTs.
Creator Cuts aims to empower both creators and owners, and will reward owners with 10% of the daily income in GARI earned by the creator.
Indeed, the earnings are based on the creator’s engagement on the Chingari app.
The birth of the vNFT
A unique price has been assigned to every vNFT, depending on the individual creator and their activity.
These vNFTs can be purchased by anyone, whether they’re a Chingari user or someone browsing on the marketplace.
Those who don’t use Chingari can buy these NFTs using Phantom or similar wallets, making payments in GARI tokens.
Speaking at the launch of Creator Cuts, Mr Sumit Ghosh, co-founder & CEO of Chingari and GARI token said: “At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception.”
“We believe in the immense potential of the Creator Economy and are wholly committed to its growth and democratisation across the spectrum. Towards this, we are always innovating and creating unique programs and propositions which lie at the cross-section of popular culture, ecosystem growth and our business priorities.”
100 vNFTs for sale
As of now, the Chingari team has selected 100 unique videos from the Chingari app, and minted them as vNFTs.
Holders of these vNFTs will earn daily passive income in GARI tokens direct to the wallet holding their NFTs.
This enables fans to invest in the content they love and reap the rewards of their favourite creator’s success.
Moreover, through Creator Cuts, fans will now derive value from their creators emotionally as well as monetarily.
Mr Ghosh added: “The introduction of Creator Cuts is a unique initiative which empowers the creators as well as the community to not only form deeper connections but also grow together in the truest sense of the term.”
Chingari has revealed that it is working on a minting mechanism on the marketplace for creators.
The Chingari surge
Launched in 2018, Chingari has emerged as a global destination for entertaining videos across a diverse range of categories.
Amongst the top 20 most downloaded apps globally, Chingari’s platform has over 5 million daily active users.
Chingari’s native token, GARI, enables short-form video creators to monetize their content on the blockchain.
Impressively, there are currently 1.1 million GARI holders, which has been achieved in the space of 6 short months.
What is more, Chingari believes that it is three months away from achieving 1 million unique wallets for the GARI token.
You can visit the new Chingari vNFT marketplace, Creator Cuts, here.