Chingari launches video NFT market where holders earn 10% of creators’ income
“We believe in the immense potential of the Creator Economy and are wholly committed to its growth and democratization across the spectrum.”
On-chain social app Chingari has announced the launch of Creator Cuts, a video NFT marketplace wherein marquee videos from Chingari’s top creators will be minted as video NFTs.
The platform is designed to foster community engagement as these v NFTs not only allow users to connect with their favorite creators by owning a piece of their art, but also get 10% of the daily GARI earnings of the creators.
GARI is Chingari’s native token and enables short-form video creators to monetize their content on the Blockchain.
Creators and community to form deeper connections
The community at Chingari has seen the number of GARI holders increase to nearly 1.1 million in a record time of just six months from launch, the firm reported, adding that it expects the active wallet users to reach 1 million in the next three months.
The GARI token currently ranks #2 among projects on the Solana blockchain in terms of the number of holders. A sign of great expectations towards the on-chain social app.
Sumit Ghosh, co-founder and 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 democratization 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. The introduction of Creator Cuts is one such 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.”
Deriving monetary benefits from artists’ v NFTs is surely an interesting way to form a deeper connection with them. The model also motivates holders to spread the word to the benefit of both the creator and themselves.
A unique price has been assigned to every video depending on the activity of the creator on the Chingari app. Buyers of these v NFTs will get 10% of the daily income in Gari earned by the creator on the engagement they receive on their videos. These NFTs can then be bought by anyone (Chingari user/non-user).
Believed to be a revolutionary new offering, Creator Cuts represents the company’s commitment to fostering and proliferating the creator economy.
Launched in 2018, Chingari is an on-chain social app that serves as a one-stop destination for entertaining, engaging videos across diverse categories such as dancing, singing, transformation, and innovative skills. The app caters to more than 130 million users and has over 5 million daily active users.