Creators of a popular social app Chingari on Tuesday announced the launch of the Beta Version for the world’s first-ever Video NFT marketplace.
The marketplace named Creator Cuts signifies Chingari’s aim of revolutionizing the Creators’ economy. By minting videos as NFTs, creators earn from user purchases on the platform.
According to the announcement, Creator Cuts aims to provide financial incentives for creators on the network. By owning pieces of their favorite creator’s art, users get to connect with creators while making money in the process.
On this platform, holders of the video NFTs (vNFT) earn 10% of the creator’s daily earnings. The earnings are calculated in GARI, the platform’s native token. Also, the earnings are taken from the GARI earned by Creators through daily engagements on their videos.
Similarly, each creator can only don’t a single video as NFT.
However, the valuation of the vNFTs depends solely on the creator’s activity on the Chingari app. These vNFT videos are open for purchase to everyone on the marketplace, whether or not they use the Chingari app.
“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. Towards this, we are always innovating and creating unique programs and propositions at the cross-section of popular culture, ecosystem growth, and our business priorities. The introduction of Creator Cuts is a unique initiative that empowers the creators and the community to not only form deeper connections but also grow together in the truest sense of the term,” Mr. Sumit Ghosh, Co-founder & CEO, Chingari and GARI token said, at the launch of the Creator Cuts marketplace.
How to mint video NFTs on Creator Cuts
Though users’ option to mint videos individually is still in the works, only pre-minted vNFTs are up for sale. For this, the Chingari team has uploaded and minted NFTs from 100 unique videos selected strategically.
Since the price of the vNFTs is denominated in GARI tokens, users can purchase tokens through the wallet options on the platform. Though the in-app transfer option is not yet available, users can still trade the vNFTs on the secondary marketplace.