- Video NFTs are coming, thanks to Indian social app Chingari
- Chingari yesterday launched Creator Cuts, which allows users to mint vNFTs
- vNFT holders can get 10% of the creator’s daily revenue, incentivising holding
Popular Indian social app Chingari yesterday today launched Creator Cuts, the world’s first ever video NFT (vNFT) marketplace. This revolutionary offering lets Chingari creators mint and sell their own vNFTs, allowing them to showcase their work to a whole new audience and open up an entire new sector of the NFT market, while a new revenue model incentivises creators to create and buyers to hold.
#Chingarians, here’s a piece of good news!!
We’re much elated to announce the launch of ‘CREATOR CUTS’, the World’s 1st ever Video NFT marketplace 😍
A revolution awaits. Indeed. 🙌🏻 https://t.co/JlrE09tnIR
— Chingari, Leading Web3 Social Media🔥 (@Chingari_IN) August 22, 2022
Creator Cuts Incentivises Creating and Holding
Creator Cuts empowers its content creators through a unique community engagement model, allowing the expanding Chingari community to connect with their favourite creators by owning a unique work made by them.
The new model benefits both artist and holder – while the artist gets a fee for their work, vNFT holders will get 10% of the creator’s daily revenue on the Chingari app, paid in the platform’s GARI tokens. This incentivises buyers to hold their vNFTS and video creators to get out there and grow their fanbase.
Chingari Benefited from India TikTok Ban
Sumit Ghosh, Co-founder and CEO of Chingari, explained in a press release announcing Creator Cuts that enabling creators to engage effectively with the community has been the “cornerstone” of Chingari’s success since its inception, adding that he and his team were “wholly committed to its growth and democratisation across the spectrum.”
Chingari claims to be the world’s fastest-growing on-chain social app, with over 130 million registered users. It was founded in 2018 to be a Tiktok rival and experienced a huge boom when TikTok was banned in India in April.