Short-video making app Chingari on Tuesday announced its first-ever video non-fungible token (NFT) marketplace, Creator Cuts, to let creators mint their videos and sell them on the marketplace.
The platform said Creator Cuts will let buyers of these NFTs get 10 per cent of the daily income in Gari, the platform’s native token, earned by the creator on the engagement they receive on their videos on the Chingari app.
“At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception,”ASumit Ghosh, co-founder and CEO, Chingari and GARI token, said in a statement.
“We believe in the immense potential of the Creator Economy and are wholly committed to its growth and democratisation across the spectrum,” Ghosh added.
A unique price has been assigned to every video depending on the creator’s activity on the Chingari app. These NFTs can be bought by anyone — Chingari user/non-user.
“Towards this, we are always innovating and creating unique programs and propositions which lie at the cross-section of popular culture, ecosystem growth and our business priorities,” Ghosh said.
“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 also grow together in the truest sense of the term,” he added.