Chingari social app recently announced the launch of the Beta version of the first decentralized video NFT marketplace – Creator Cuts.
Fostering the Creator’s Economy
Creator Cuts is the marketplace where selected videos from Chingari’s top creators will be minted as video NFTs. According to the company’s representatives, this move would foster a creative economy on the world’s fastest-growing on-chain social platform.
“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 constantly 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,” said Mr. Sumit Ghosh, Co-founder & CEO of Chingari and GARI token.
Daily Income in Chingari’s Native Tokens
Chingari social app was launched in 2018. Amongst the top 20 most downloaded apps globally, Chingari’s platform entertains 130 million users across and witnesses videos in more than 15 languages with over 5 million daily active users.
Creators using the Chingari app can mint their videos and sell them on Creator Cuts to multiply their revenue stream. A special price has been assigned to every video depending on the activity of the creator on the Chingari app.
Furthermore, buyers of video NFTs will get 10% of the daily income in Gari (GARI) tokens earned by the creator on the engagement they receive on their videos on the Chingari app. NFTs can then be bought, and passive income can be earned not only by Chingari users as they are transferred to the NFT holder’s wallet.
Gari token is Chingari’s native token, which enables short-form video creators to monetize their content. Around 1.1 million GARI holders purchased the token in a record time of just six months since the initial launch. With this growth rate, the number of active wallet users is expected to reach 1 million in the next three months.