“India’s TikTok” Chingari introduces the first-ever video NFT marketplace
On August 23, the blockchain-based social app Chingari announced that it would debut a new feature called Creator Cuts.
Creative Cuts will be the world’s first video non-fungible token (v NFT) marketplace, as the firm is dedicated to supporting and promoting the creator economy. According to a press statement provided with Finbold, in this marketplace, video NFTs will be issued based on premier videos made by Chingari’s most popular producers.
Creator Cuts aims not only to give content producers a new financial and community engagement opportunity but also to enable consumers to interact with the creators of the material they appreciate most by buying a piece of the original artwork that they have made and so benefiting financially from the transaction.
Customers who acquire these NFTs will be entitled to 10% of the daily income in Gari tokens earned by the artist depending on the amount of engagement their videos uploaded on the Chingari application get.
The unique cost for each video is determined by the length of time the video’s creator spends using the Chingari application. Then on, anybody (Chingari user or not) may purchase these NFTs to add to their collection.
Creator Cuts is one such effort that enables artists and the community to not only create deeper ties but also develop together in the purest sense.
Lastly, this looks to be another milestone in the growth of the social media startup, which is India’s domestic short-form video app; moving forward from the funding round, the firm is poised to expand as a solid competitor to its Chinese counterpart, TikTok.