On-chain social app Chingari launches first-ever video NFT marketplace

• Chingari’s Creator Cuts NFT marketplace will empower creators by offering a unique opportunity for financial and community engagement.
• The platform will offer both – creators and NFT owners – rewards in its native cryptocurrency GARI tokens.

On Monday, August 22, chained social media application Chingari took a bold step by launching its video NFT marketplace, Creator Cuts. With this move, Chingari leverages the power of non-fungible tokens (NFTs) to accommodate the rapidly growing creator economy.

Creator Cuts will be the first ever decentralized video NFT marketplace where selected videos from some of Chingari’s top creators will be minted as video NFTs. These NFTs will also help creators prove ownership of their videos while keeping them safe from double-play issues.

In a press release shared with CNF, Chingari said the Creator Cuts NFT marketplace will empower creators by offering a unique opportunity for financial and community engagement. These NFT owners will also be able to connect with their favorite creators. At the same time, they can enjoy other financial benefits from owning the NFTs. Sumit Ghosh, co-founder and CEO of Chingari and the GARI token, spoke at the launch of the NFT marketplace.:

At Chingari, empowering and enabling creators to effectively and intrinsically engage with their community has been the cornerstone of our success since our inception. We believe in the enormous potential of the creative economy and are fully committed to its growth and democratization across the spectrum.

The introduction of Creator Cuts is one such unique initiative that 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.

Income from Chingari’s vNFTs

Currently, only pre-stamped videos are available for sale on Chingari. The price of all these video NFTs will be available in GARI tokens. The NFT mining feature is still in the pipeline and Chingari said it will be available soon.

The rewards earned by creators through GARI mining features will be called as creator earnings. In addition to earning GARI tokens by selling their vNFTs, creators can earn additional tokens through in-app activities such as watching, sharing, and uploading videos.

On the other hand, Chingari said that holders of these NFTs will earn passive income in GARI tokens. These rewards will be available as 10% of the creators’ daily earnings on the Chingari app. The creator’s daily GARI earnings may vary based on the contribution score. However, the percentage contribution to the NFT owners remains unchanged.

An interesting thing from Chingari is that “to earn 10% of the rewards from the creator’s earnings, one does not need to be a Chingari user. The NFT holder will receive it in the wallet containing the NFT”.

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