Chingari Launches Creator Cuts, the World’s First Ever Video NFT Marketplace – crypto.news

Chingari, the world’s fastest-growing on-chain social app, just announced the launch of Creator Cuts. Creator Cuts is the world’s first dedicated video NFT (v NFT) marketplace, whereby Marquee videos from Chingari’s top creators will be minted as video NFTs under the new offering.

Connecting the Creators and the Community

According to Sumit Ghosh, Co-founder & CEO of Chingari:

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 grow together; in the truest sense of the term.

Chingari is not just allowing growth to the creators. The community can connect with their favorite artists and purchase their unique art. Buyers can earn money by watching and engaging with the creator’s videos. In addition, they can earn 10% of the daily income that the creator generates through the platform.

Notably, every video featured on the Chingari app has a unique price. The price difference comes due to the difference in the creator’s activity on the app. Meanwhile, whether or not one is a Chingari user, they can still purchase these NFTs. 

Sumit Ghosh mentions:

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 democratization 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 business priorities.

Chingari Is Fast Growing

Chingari, powered by GARI, was released in 2018 and has since garnered over 5 million daily active users. The in-house app has become the go-to resource for amusing, compelling videos in various genres, including singing, dancing, transformation, inventive skills, etc.

Chingari’s eclectic platform, among the top 20 most downloaded applications worldwide, has over 130 million users worldwide and features videos in over 15 different languages. 

Since its launch in January 2022, the GARI token has quickly become the largest social token globally. Short-form video makers may use Chingari’s native token, GARI, to monetize their material on the Blockchain.

With approximately 1.1 million GARI holders in just six months after its introduction, the Gari cryptocurrency has gotten much community support. According to the founders, we should anticipate that the number of active wallet users will exceed 1 million in the following three months at the current growth pace. Notably, based on the number of holders, the GARI token has risen to the top 2 Projects on the Solana blockchain.

Democratizing the Creator Economy

The concept of play-to-win video games is not new, but it has quickly caught on with social media users. To help expand the reach of this concept, Chingari launched the GARI Mining program in June, enabling creators to earn through their content.

Through the program, users can earn rewards for various activities, such as creating new content and watching videos. According to the company, it will pay out a total of $12 million in user rewards annually, based on GARI’s price. Each day, it will create a new pool of 50,000 GARI, with 5,000 used to pay for daily login bonuses and the rest as a reward for interaction with the app.

An opportunity for users to purchase NFT GARI Badges also came along with the program. With the badges, Chingari users can multiply their earnings by up to ten times. These badges are available in various colors and reward users for interacting with the app.

Notably, the GARI Mining program launch was the final step in Chingari’s plan to integrate its app with crypto. From the beginning, the company focused on creating a more democratized creator economy. Its goal is to allow everyone to get something back from the app, which is further solidified by the creation and launch of Creator Cuts.