On August 23, the on-chain social app Chingari announced the launch of the first NFT video marketplace.
As part of its commitment to fostering and propagating the creator economy, Creator Cuts plans to launch the world’s first video non-fungible token (vNFT) marketplace.
According to a press release shared, video NFTs will be minted in this marketplace based on premier videos produced by Chingari’s most successful creators.
The goal of Creator Cuts is not only to provide content creators with an innovative financial and community engagement opportunity, but also to allow users to connect with the creators of the content they enjoy the most by purchasing a piece of the original artwork that they have created and thus gaining financial benefit from the purchase.
Customers who purchase these NFTs will be entitled to 10% of the artist’s daily revenue in Gari tokens based on the amount of interaction they receive on their videos hosted on the Chingari app.
Every video has its own unique pricing based on the amount of time the film’s producer spent using the Chingari app. Following that, anyone (Chingari user or not) can purchase these NFTs to add to their collection.
Mr. Sumit Ghosh, Co-founder & CEO of Chingari and GARI token, stated at the launch of Creator Cuts:
“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 which lie at the cross-section of popular culture, ecosystem growth and our business priorities.”