Image source: Creator Cuts by Chingari
The Chingari video sharing app is building on its budding in-app crypto economy with the launch of a novel video NFT (v NFT) marketplace where creators will be able to tokenize their most successful content.
The new marketplace is known as Creator Cuts, and it serves as an exclusive platform for minting and selling v NFTs from Chingari video clips.
Chingari is a short video sharing app akin to TikTok that has taken India by storm, emerging as one of the country’s most popular social media applications. Just as with TikTok, Chingari users can create videos to music, add various filters and share them on the platform, receiving likes and shares
Where Chingari differs from TikTok is with its unique crypto-based economy, which empowers its community to earn GARI rewards for sharing content that goes viral and performing other in-app activities. Chingari launched its GARI cryptocurrency last year with the support of Bollywood superstar Salman Khan, who acts as its brand ambassador, promising to revolutionize the creator economy by providing users with a passive income stream. With GARI up and running, Chingari finally kicked off its GARI Mining program earlier in the summer, which sees it pay out daily rewards to users who perform certain in-app activities, such as logging in, watching and liking videos and sharing content.
Creator Cuts builds on the GARI Mining program, giving the platform’s top creators another way to monetize their most popular videos. Through Creator Cuts, they can tokenize and sell their best-performing videos, earning money for doing so. Meanwhile, holders of the v NFTs will earn a passive income in the shape of a proportion of the daily earnings that video makes.
Not only does Creator Cuts provide more opportunities for users to earn a passive income, but it also gives the community another way to connect to their favorite creators. Buying a v NFT is similar to owning a unique piece of art - only it’s one that also provides financial benefits.
Chingari explained that v NFT buyers will receive 10% of the daily income earned by its creator, based on the level of engagement their videos generate on the app. So the actual daily earnings will vary depending on how many people interact with that video on a specific day.
Note that Creator Cuts isn’t quite yet in its final form. The marketplace is currently in beta, and the company has chosen 100 unique videos uploaded to the app as the first to be tokenized. The price of each v NFT is listed in GARI tokens, and they can be purchased by any Chingari user, or even a non-user if they feel it’s a solid investment. The v NFTs can also be resold on the marketplace.
Later, once the kinks of the Creator Cuts marketplace have been ironed out, more users will be able to tokenize their videos as v NFTs, Chingari said.
Chingari co-founder and Chief Executive Sumit Ghosh said the empowerment of creators has been the cornerstone of the app’s success since its inception. That explains why the app has always strived to enable creators to engage effectively with the wider community, he added.
“We believe in the immense potential of the Creator Economy and are wholly committed to its growth and democratization across the spectrum,” Ghosh said.”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.”
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