Social app giant Chingari today announced that Creator Cuts, the world’s first ever video NFT (vNFT) marketplace, has gone live. 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.
Chingari continues to empower creators
Creator Cuts empowers its 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 GARI tokens. This incentivises buyers to hold their vNFTS and video creators to get out there and grow their fanbase.
What’s also exciting about this new development is that vNFTs can be bought by anyone, whether they are a Chingari user or not – although obviously Chingari hopes they will become users when they see what the platform has to offer.
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.”
Fastest growing on-chain social app
Chingari, powered by the GARI token, is the world’s fastest-growing on-chain social app. It was founded in 2018 by Sumit Ghosh, Biswatma Nayak and Deepak Salvi and immediately marketed itself as a Tiktok rival. Chingari received seed investment in August 2020 which allowed it to expand its workforce and market penetration, with its popularity partly down to the 30% cut it offers creators from what it makes from brands, and its transparency and data privacy.
The platform has since grown to become a one-stop destination for entertaining and engaging videos across diverse categories such as dancing, singing, transformation and innovative skills. The company says it has over 130 million registered users and is in the top 20 of global app downloads. Chingari users can download and upload videos, chat with friends and share content, among other features. It also allows users to get creative with WhatsApp statuses, videos, audio clips, GIF stickers, photos and more, with support for multiple languages – as well as the basic English and Hindi, the app can be used in multiple Indian languages such as Bengali, Punjabi, Gujarati, Marathi, Kannada, Malayalam, Telugu and Tamil.
GARI token helping adoption
The GARI token itself has become one of the world’s biggest social tokens, with almost 1.1 million GARI holders registered on the blockchain just six months after its launch, making it the second most popular project on the Solana blockchain by user numbers. Creator Cuts creators will be the vehicle through which the monetisation aspect of the platform runs, acting as the oil in the machine.
Gari token has received great enthusiasm from the crypto community, and Chingari expects this to continue – the company anticipates the number of active wallet users to pass one million by the end of 2022. The token price peaked at $0.9 in February this year but has since fallen in line with the rest of the crypto market, although it still has a market cap of $15 million.
If Chingari can corner the market in vNFTs, or at least get a name for itself as an innovator in the sector, then it may well see its user base and market cap flying high once again.