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Chingari Introduces the First Visual NFT Marketplace the Creator Cuts

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Indrani bose Follow

INDIA

Aug, 25 2022

Aug, 25 2022

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Chingari, an on-chain social media app, announced the launch of the "Creator Cuts", a brand-new video NFT marketplace, on August 23. As part of its commitment to support and promote the creator economy, Creator Cuts is on track to become the first video non-fungible token (v-NFT) marketplace in history. 


Creator Cuts will allow artists to mint their own video NFTs. Video NFT will be produced in this market based on premium videos made by Chingari's most popular creators. Only high-profile videos from renowned creators will be issued as NFTs. 10% of the daily income in Gari tokens that the creator receives from the views on their videos on the Chingari app will be distributed to buyers of these NFTs. 


With Creator Cuts, the community can connect with their favorite creators by owning a piece of their original artwork while also giving the creators cash potential and a chance to communicate with the community. The same will enable creators to profit financially. Utilizing the Gari token, Chingari enables users to produce, mint, buy, sell, and trade their original video clips as NFTs on Creator Cuts. Based on the creator's activities within the app, Chingari's algorithm determines and assigns unique pricing to each video. However, NFTs can be bought by both Chingari users and non-users. 


At Chingari, empowering and enabling creators to engage effectively and genuinely with their community has been the cornerstone of success since its inception, said CEO Sumit Gosh, who announced the launch.  

The launch occurs a month after a huge price drop in the Chingari Gari token caused by the simultaneous sale of 2 million tokens on the cryptocurrency market KuCoin. 


About Chingari :

Chingari, an on-chain social platform that was launched in 2018 and is powered by Gari Token, positioned itself as a revolutionary new service that would encourage and spread the creator economy. Since 2018, Chingari has become the world’s fastest-growing on-chain social network platform. Along with being in the top 20 most downloaded apps, it has more than 5 million daily active users and over 130 million engaged users. The in-house social media app contains over 15 different languages and is becoming the most popular source for fun and interesting films worldwide. 


About GARI social token :

The largest social token in the world, GARI, powers Chingari. According to the number of holders, it is one of the top two projects on the Solana Blockchain. Creators of short-form videos can monetize their work on the Solana Blockchain with the GARI token. GARI holders have crossed a million milestones after only six months, and one million active wallets are anticipated in the coming three. 


About NFTs :

NFTs are blockchain-based digital assets with special identification numbers. Any kind of digital asset, including a piece of art, a book, some music, or even a meme, can be an NFT. 

 


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Indrani bose

CBW - External Analyst

INDIA

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