Chingari Launches The First Ever Video NFT Marketplace

Twitter icon  •  Published 1年前  •  Hassan Maishera

Chingari has announced the launch of Creator Cuts, the world’s first video nonfungible token (NFT) marketplace.

Chingari, the world’s fastest-growing on-chain social app, has announced the launch of its new NFT marketplace.

According to the press release shared with Cryptowisser, the marketplace known as Creator Cuts, is the first-ever video nonfungible token (NFT) marketplace in the world.

According to the team, Creator Cuts is aimed at not only empowering the creators with a unique financial and community engagement opportunity but will further enable to community to connect with their favorite creators by owning a piece of their unique art while also being able to derive monetary benefits from the same.

While commenting on this latest development, Mr. Sumit Ghosh, Co-founder & CEO, of Chingari and GARI token, said;

“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 always 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.”

The team added that buyers of these NFTs are entitled to get 10% of the daily income in Gari earned by the creator on the engagement they receive on their videos on the Chingari app. 

Furthermore, the Chingari team said a unique price had been assigned to every video depending on the activity of the creator on the Chingari app. These NFTs can then be bought by anyone (Chingari user/non-user). 

Creator cuts is a platform where creators can monetize their vNFTs by listing them on the marketplace, making it simple to buy and sell vNFTs.

The rewards earned by creators through GARI Mining features are referred to as creators’ earnings. The creator will earn GARI tokens for doing in-app activities like watching, sharing and uploading videos, apart from earning GARI tokens by selling its vNFTs.

The team explained that users who hold vNFTs in the Phantom wallet could trade it on the secondary marketplace, while the transfer feature for Gari wallet users will be available in the next phase.

Chingari, powered by GARI, is the world’s fastest-growing on-chain social app launched in 2018. The home-grown app has emerged as the one-stop destination for entertaining, engaging videos across diverse categories such as dancing, singing, transformation, innovative skills, etc.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.