The new feature allows the platform’s biggest creators the opportunity to mint their videos as NFTs. Collectors that buy the NFTs will also receive 10% of the revenue generated by the creators in Gari tokens. The video NFT marketplace aims to fuel monetisation opportunities for both creators and collectors. A unique price has 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).
“At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception,” said Chingari and Gari token Co-founder & CEO Sumit Ghosh in a statement. “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 which lie at the cross-section of popular culture, ecosystem growth, and business priorities.”
Ghosh added that 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.
Chingari’s native token, Gari – created with Solana blockchain – has been developed to be an in-app currency and governance token – which will allow short video creators to monetise their content. With Creator Cuts, the platform hopes to bridge the gap between creator and consumer through a financial opportunity that will empower both.
As of now, only a select 100 pre-minted videos are available for purchase, however the feature will soon be rolled out to more top creators. Chingari is aiming to acquire 1 billion users to the platform.
See Creator Cuts for more details