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On Monday, August 22, on-chain social media application Chingari took a bold step by launching the video NFT marketplace, Creator Cuts. With this move, Chingari is leveraging the power of non-fungible tokens (NFTs) to cater to the rapidly growing creators’ economy.
Creator Cuts will be the first-ever decentralized video NFT marketplace wherein selected videos from some of Chingari’s top creators shall be minted as video NFTs. These NFTs will also help the creators prove the ownership of their videos while staying safe from the issues of duplicity.
In a press release shared with CNF, Chingari said that the Creator Cuts NFT marketplace will empower the creators by offering a unique financial and community engagement opportunity. These NFT owners will also be able to connect with their favorite creators. At the same time, they can enjoy other monetary benefits of owning the NFTs. Speaking at the launch of the NFT marketplace, 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 democratisation across the spectrum.
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
Currently, only pre-minted videos are up for sale on Chingari. The price of all these video NFTs will be available in GARI tokens. The NFT mining feature is still in the pipeline and Chingari said that it will be available soon.
The rewards earned by creators through GARI mining features will be dubbed as creators’ earnings. In addition to earning GARI tokens by selling their vNFTs, creators can earn additional tokens through in-app activities such as watching, sharing, and uploading videos.
On the other hand, Chingari said that holders of these NFTs will earn passive income in GARI tokens. These rewards will be available as 10% of the creators’ daily revenue on the Chingari app. The daily GARI earnings of the creator could vary based on their contribution score. However, the percentage contribution to the NFT holders remains unchanged.
An interesting thing from Chingari is that “to earn the 10% of the rewards from the creator’s earning, one doesn’t have to be a Chingari user. The NFT holder will receive it in the wallet that holds the NFT”.
Related: Chingari partners with Fashion TV for exclusive content
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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