Creators on the Chingari app can sell their videos on Creator Cuts and receive payment for them. Holders of these video non-fungible tokens (vNFTs) will get 10% of the creators’ daily GARI earnings.
The world’s most popular on-chain social app, Chingari, has announced that its vNFT marketplace, called “Creator Cuts,” is now officially open. The best videos from Chingari’s top creators will be on the marketplace as NFTs
The goal of Creator Cuts is to give creators and owners more rights of ownership. Owners will get 10% of the daily income in GARI that the creator makes. The amount of time the creator spends on the Chingari app also influences how much money they make.
How vNFT was Initiated
Every vNFT has its price, which is based on the creators and what they did. Anyone can buy these vNFTs, whether they use Chingari or just want to look around the marketplace. Fans who don’t use Chingari can buy these NFTs with GARI tokens in other wallets like Phantom.
Sumit Ghosh, co-founder, and CEO of Chingari and GARI token said at the launch of Creator Cuts;
“At Chingari, empowering and allowing creators to engage effectively and intrinsically with their community has been the key to our success since the beginning.”
“We think the Creator Economy has a huge amount of potential and are fully committed to its growth and democratization across the board. To do this, we are always coming up with new ideas and making new programs and ideas that combine popular culture, ecosystem growth, and our business priorities.”
100 vNFTs for sale
As of right now, the Chingari team has picked 100 unique videos from the Chingari app and made them into vNFTs. And the vNFTs owners will earn GARI tokens every day.
This allows fans to invest in the content they love and benefit from the success of their favorite creators. Also, with Creator Cuts, fans can now get emotional and financial value from their favorite creators.
Mr. Ghosh also said that;
“The introduction of Creator Cuts is a unique initiative that gives creators and the community the power to not only connect more deeply with each other but also grow together in the truest sense of the word.”
Chingari has also revealed that it is working on a minting system for the creators’ marketplace.
The rise of the Chingari
Since it started in 2018, Chingari has become a place where people all over the world can find entertaining videos in a wide range of categories. The Chingari platform has more than 5 million daily users and is one of the top 20 most downloaded apps in the world.
With Chingari’s native token, GARI, fans who make short videos can make profits off of them on the blockchain. There are now 1.1 million people with a GARI, which is a big deal because it only took 6 months to get there. Also, Chingari thinks that it will attain 1 million unique wallets for the GARI token in three months.