Here’s how Chingari is raising the bar for NFT marketplaces with Creator Cuts
Powered by blockchain and non-fungible token technology, Web3 is poised to disrupt the way content creators monetize their work, pulling the rug out from under the companies that previously called the shots. Leading the way is India’s fastest growing social app on the chain, Chingari.
Dubbed “India’s TikTok”, Chingari has just released Creator Cuts – the video NFT (vNFT) marketplace. Similar to TikTok, Chingari is a social media platform for sharing short videos. However, the Solana network integration enables innovative new interactions, bringing creators closer to their followers than ever before.
With Chingari’s social token, GARI, powering the revolutionary feature set, the app is now pioneering the use of vNFTs as a mechanism to monetize content via the Creator Cuts marketplace. This world first in social media looks set to shake up how content creators profit from their work by taking back control from the companies that continue to dictate revenue streams over the Web2.
Creator Cuts: Empowering creators and fans alike
Creator Cuts is a decentralized vNFT marketplace that operates on the Solana network and is part of the rapidly growing Chingari ecosystem. Launched in November 2018, Chingari experienced parabolic growth, especially after an Indian ban on TikTok in 2020 and later its innovative blockchain integration. Today, the platform has over 130 million users, with more than 5 million individuals logging on daily to enjoy short video content.
Creator Cuts is Chingari’s latest foray into the Web3 world. Using the ecosystem’s native cryptocurrency GARI, platform users can buy, sell and create vNFTs as they would on any NFT marketplace. The platform operates on the Solana network, which means users benefit from low transaction fees and lightning-fast settlement times.
Chingari launched a beta version of Creator Cuts in August 2022. Initially, the team chose 100 of its top creators to pilot the scheme, but plans to roll it out to more users soon. Currently, each of the selected creators can create a vNFT and sell it to their followers.
The idea behind vNFTs is to foster a closer relationship between content creators and those who support them. In keeping with the Web3 ethos, Creator Cuts empowers its users by giving them full control over their creations and giving them the ability to monetize them directly. Meanwhile, it also rewards a creator’s most loyal followers.
Create to serve and admire to serve?
While the idea of buying, selling and minting NFTs is nothing new, Chingari has integrated additional features to ensure a more vibrant, circular creator economy. The most important of the innovations is the ability for vNFT holders to share in the financial successes of their favorite creators.
Chingari users generate revenue via a process known as “GARI Mining” Users who create content and interact with videos across the platform receive GARI Mining rewards from the project’s Community Reserve.
Holders of Creator Cuts vNFTs automatically begin receiving a portion of the creator’s total platform revenue as soon as they purchase their video clip. Rewards are set at 10% of the creator’s total daily earnings and are paid out every day in GARI tokens. This dynamic should ensure significant demand for vNFTs from the platform’s most popular creators. Plus, it will incentivize creators to produce more of the content fans love – meaning everyone’s a winner!
Alongside these innovations, Creator Cuts itself is a powerful NFT marketplace. The video clip lists fall into different categories, such as “dance”, “sports” and “cooking”, and the “Trending” section makes searching for the hottest vNFTs quick and easy. In beta, the platform’s primary market operates via an auction mechanism, which ensures that creators are adequately rewarded for their efforts.
As one of the core principles of Web3, decentralization is also key to the Creator Cuts platform. Although Creator Cuts is an NFT marketplace, users are not tied to the platform itself and vNFT holders will earn rewards regardless of whether they are a Chingari user or not. Simply holding vNFT in a Solana compatible wallet is all it takes to benefit from the efforts of the creator you support. Meanwhile, secondary market trading of vNFTs will be supported on all Solana ecosystem NFT marketplaces.
Dive into Chingari’s Web3 revolution
Creator Cuts is already live on the popular and fast-growing social application Chingari. Getting started requires a Solana wallet funded with GARI tokens. Popular compatible wallets include Phantom, Solflare and Sollet.
After connecting a wallet, you can dive in and explore Creator Cuts’ vNFTs and start generating GARI tokens by liking, sharing and creating your own video clips. Already supporting a fully functioning product and home to millions of users, Chingari’s Creator Cuts platform stands as an early example for the rest of the emerging Web3 ecosystem, demonstrating just what is possible with this disruptive, empowering technology.
