‘India’s TikTok’ Chingari launches world’s first ever video NFT marketplace

On August 23rd, social app Chingari announced on the chain that it will launch its new feature known as Creator Cuts.

Creator Cuts is set to be the world’s first ever video non-fungible token (v NFT) marketplace, as the company commits to promoting and spreading the creator economy. In this marketplace, NFT videos will be minted based on premium videos produced by Chingari’s most successful creators, according to a press release shared with Finbold.

The purpose of Creator Cuts is not only to provide content creators with an innovative opportunity for financial and community engagement, but also to enable users to connect with the creators of the content they enjoy the most by purchasing a piece of the original artwork that they have produced and thus benefits financially from the purchase.

Every NFT video gets special prices

Customers who purchase these NFTs will be entitled to 10% of the daily earnings in Gari tokens received by the artist based on the amount of interaction they achieve on their videos hosted on the Chingari app.

Each video has been given its own special price, which is determined by the amount of time the film’s producer spent on the Chingari app. After that, anyone (Chingari user or not) can buy these NFTs to add to their collection. At the launch of Creator Cuts, Mr. Sumit Ghosh, Co-Founder and CEO of Chingari and GARI token stated:

“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 enormous potential of the creator economy and are fully committed to its growth and democratization across spectrum. Against this, we are always innovating and creating unique programs and propositions that lie at the cross-section of popular culture, ecosystem growth and our business priorities.”

He added:

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.”

Finally, this looks set to serve as another step in its evolution as the social media startup serves as India’s homegrown short-form video app; continuing on from the rise, the company is set to scale as a steady disruptor to its Chinese equivalent – ​​TikTok.