- Summary:
- Fast-growing blockchain social platform, Chingari, has launched a video NFT marketplace. We dissect how it works and what it brings.
Chingari, one of the most popular on-chain social apps in the world, has introduced a groundbreaking new feature called Creator Cuts. As the first video NFT (vNFT) marketplace in the world, Creator Cuts will mint video NFTs based on the most popular videos produced by Chingari’s top creators. According to Mr Sumit Ghosh, the company’s Co-founder & CEO, this demonstrates the firm’s dedication to the growth and development of the creative economy.
How Creator Cuts works and potential impact on Chingari
One of Creator Cuts’ primary aims is to provide creators with a new and exciting way to make money. Also, the platform aims to encourage creators to become more involved with their communities. First, it will give users a way to demonstrate their support for their favorite artists by holding a piece of what they’ve made in their hands.
In addition, there are monetary benefits for the community as a whole. As a result, the Chingari community of users and artists will not only grow closer to one another, but will also flourish as a unit. In its current state, Creator Cuts only allows for the sale and auction of pre-minted videos, and each creator can only post a single video. Individuals who have vNFTs in a Phantom wallet can sell or buy them on a secondary market. However, in the next iteration, users of the Gari wallet will be able to make transfers.
Chingari has been around since 2018, and it is powered by GARI, its native token to become the second largest project by user numbers on the Solana blockchain. Also, Chingari is one of the most rapidly expanding social apps built on the blockchain. The GARI token, which is Chingari’s native token, is a means by which creators of short videos earn revenue on the blockchain.
If you purchase Creator Cuts NFTs, you will receive 10% of the creator’s daily GARI earnings from views and likes on their Chingari app videos. Note that each video has its own price determined by the creator’s level of engagement within the Chingari app. Furthermore, both Chingari users and non-users can purchase these NFTs like any other digital asset.