India’s social app Chingari launches the first ever video NFT marketplace

India’s social app Chingari launches the first ever video NFT marketplace

By Hassan Maishera - min read

Chingari has announced the launch of Creator Cuts, its video nonfungible token (NFT) marketplace.

Indian-based social media app Chingari has announced the launch of the first-ever NFT marketplace.

Dubbed Creator Cuts, Chingari said it is the World’s first-ever video NFT (vNFT) marketplace. 

In a press release shared with Coinjournal, the team explained that Creator Cuts is designed to not only empower the creators with a unique financial and community engagement opportunity but allow the community to connect with their favourite creators by owning a piece of their unique art, while also being able to derive monetary benefits from the same.

The team explained that those who purchase NFTs on the platform would get 10% of the daily income in Gari earned by the creator on the engagement they receive on their videos on the Chingari app.

Furthermore, a unique price has been assigned to every video based on the activity of the creator on the Chingari app. These NFTs can then be bought by anyone (Chingari user/non-user). 

Mr. Sumit Ghosh, Co-founder & CEO, of Chingari and GARI token, while commenting on this latest development, stated that;

“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. 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.”

The Chingari platform, powered by GARI, is the world’s fastest-growing on-chain social app and has been around since 2018. The Indian-based app has emerged as the one-stop destination for entertaining, engaging videos across diverse categories such as dancing, singing, transformation and innovative skills. 

Meanwhile, GARI makes it possible for short-form video creators to monetise their content on the Blockchain with the GARI token.