- On the Chingari app, creators can mint their own videos as an NFT and then monetize them by selling them on Creator Cuts.
- Buyers of these video NFTs will get 10% of the daily GARI earnings that videos make
Chingari, which was founded in 2018, is the fastest-rising on-chain social media application. It has become the go-to place for entertainment, engagement, and fun among its 130 million monthly active users. Its content includes music, dance, singing, transformation, and innovation.
They recently announced the release of its innovative new product, “Creators Cuts.” It’s the first ever video NFT marketplace where marquee videos from Chingri’s top creators will be minted as video NFTs – vNFTs.
Creator Cuts aims to empower both artists and fans alike through an innovative crowdfunding platform that enables them to own a piece of their artwork while also enabling them to benefit financially from the same.
What is Creator Cuts NFT marketplace?
Creator cuts is a marketplace for creators to list their vNFTs (video nonfungible tokens) so they can be bought and sold.
How does one list video as a creator on the Marketplace?
The video marketplace or the minting feature are not yet live! In the meantime, you can buy and sel pre-minted vNFTs that Chingari’s team already minted. They’re priced in GARIs (Chingari’s token).
What is the creator’s earning and how does the creator earn?
Creators will earn GARI tokens for performing various tasks within the app including viewing, sharing and uploading video content. They will also earn GARIs when they sell their vNFTs.
Why should I buy vNFT?
Users who hold these NFTs will receive daily passive earnings in Gari tokens into their wallets holding these NFTs. Those earnings will be 10% of the creator’ s daily revenue on the Chingori application.
Where can I buy GARI to buy NFTs?
You can buy GARIs by clicking on the “Buy” button in the “GARIs” section of the “Chingari Wallet” tab.
What is GARI?
GARI (GARI) is a cryptocurrency which powers the Chingari Network, an innovative blockchain-based social media platform. It gives its members control over the development of the platform by giving them voting rights via the Community Reserve.
Chingari‘s native token GARI allows short-form video makers to monetize their content using the Solana network. GARI tokens have gained significant interest among the crypto-enthusiast communities with over 775,000 on-chain GARI holdings within 6 month of its release. It has also been ranked #3 project on the Solana platform for most active token holder count.
Following are the tokenomics of the GARI token as per Chingari whitepaper
Of course, the vNFT marketplace is the core feature of Chingari ecosystem so that one is high on the priority list of their developers. The marketplace will allow participants to trade vNFTs and receive a shared revenue from creator engagements from GARI Mining earnings.
After that, they plan to add a full-fledged video platform that will support livestreams by creators which can monetize their time spent with their audience/followers/fans.
Another roadmap milestone is to upgrade the GARI mining program to make this process much more gamified. In this way, participants can be rewarded better on the Chingari social network.
After the platform gets these significant upgrades, the team plans a much more aggressive marketing activity and global expansion. Chingari is currently available in the USA, UAE, Indonesia, Turkey and soon worldwide. They are en route to onboard 1 billion users and steadily moving toward the objective with over 160 million app downloads and over 775K wallets activated. As per Solscan, the GARI token ranks 3rd for on-chain holders on Solana.
As with many other dApps, final step is to introduce the DAO with a community staking and governance. The staking will launch alongside the GARI DAO governance by thoroughly auditing the contracts from multiple 3rd party security auditors
Anyone who buys an NFT from the Chingari platform gets 10% of the daily revenue generated by the creator on his or her videos on the Chingari platform. Each NFT has its own unique price depending on the level of engagement displayed by the creator on the Chingari platform.
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