Here’s How Chingari Raises the Bar For NFT Marketplaces With Creator Cuts
25 August 2022 - 7:44PM
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Powered by blockchain and non-fungible token technology, Web3
stands poised to disrupt the way content creators monetize their
work, pulling the rug from under the corporations that previously
called the shots. Leading the charge is India’s fastest-growing
on-chain social app, Chingari. Dubbed “India’s TikTok,” Chingari
has just released Creator Cuts — its video NFT (vNFT) marketplace.
Like TikTok, Chingari is a social media platform for sharing short
videos. However, its Solana network integration enables innovative
new interactions, bringing creators closer to their followers than
ever before. With Chingari’s social token, GARI, powering its
revolutionary feature set, the app is now pioneering the use of
vNFTs as a mechanism for monetizing content via the Creator Cuts
marketplace. This world-first in social media looks set to shake up
how content creators earn from their work by wresting control back
from the corporations that continue to dictate revenue streams
across Web2. Creator Cuts: Empowering creators and fans alike
Creator Cuts is a decentralized vNFT marketplace that operates on
the Solana network and is part of the rapidly expanding Chingari
ecosystem. Chingari was launched in November 2018 and experienced
parabolic growth, particularly following an Indian ban on TikTok in
2020 and, later, its innovative blockchain integration. Today, the
platform boasts over 130 million users, with more than 5 million
individuals signing on daily to enjoy short video content. Creator
Cuts is Chingari’s latest foray into the world of Web3. Using the
ecosystem’s native cryptocurrency GARI, platform users can buy,
sell and mint vNFTs as they would on any NFT marketplace. The
platform operates on the Solana network, meaning users benefit from
low-cost transaction fees and lightning-fast settlement times.
Chingari launched a beta version of Creator Cuts in August 2022.
Initially, the team selected 100 of its top creators to pilot the
scheme but plans to roll it out to more users soon. For now, each
of the chosen creators can mint one vNFT and sell it to their
followers. The idea behind vNFTs is to foster a closer relationship
between content creators and those that support them. Consistent
with the Web3 ethos, Creator Cuts empowers its users by granting
full control over their creations and extending them the means of
monetizing them directly. Meanwhile, it also rewards a creator’s
most loyal followers. Create-to-Earn and Admire-to-Earn? While the
idea of buying, selling, and minting NFTs is nothing new, Chingari
has integrated additional features to ensure a more vibrant,
circular creator economy. Chief among its innovations is the
ability for vNFT holders to share in their favorite creators’
financial successes. Chingari users generate revenue via a process
known as “GARI Mining” Users creating content and interacting with
videos across the platform receive GARI Mining rewards from the
project’s Community Reserve. Holders of Creator Cuts vNFTs
automatically start to receive a portion of its creator’s total
platform revenue as soon as they buy their video clip. Rewards are
fixed at 10% of the creator’s overall daily revenue and are paid
each day in GARI tokens. This dynamic should ensure significant
demand for vNFTs from the platform’s most popular creators.
Additionally, it will spur on creators to produce more of the
content their fans love — meaning everyone’s a winner! Alongside
these innovations, Creator Cuts itself is a powerful NFT
marketplace. Its video clip listings fall under various categories,
such as “dance,” “sports” and “cooking,” and the “Trending” section
makes browsing for the hottest vNFTs quick and easy. In its beta
release, the platform’s primary market functions via an auction
mechanism, ensuring creators are adequately rewarded for their
efforts. As one of the core tenets of Web3, decentralization is
also key to the Creator Cuts platform. Although Creator Cuts is an
NFT marketplace, users are not tied to the platform itself and vNFT
holders will earn rewards regardless of whether they are a Chingari
user or not. Simply holding the vNFT in a Solana-compatible wallet
is all that’s needed to benefit from the efforts of the creator you
support. Meanwhile, secondary market trading of vNFTs will be
supported at all Solana ecosystem NFT marketplaces. Dive into
Chingari’s Web3 revolution Creator Cuts is already live on the
popular and fast-growing social application Chingari. Getting
started requires a Solana wallet funded with GARI tokens. Popular
compatible wallets include Phantom, Solflare and Sollet. After
connecting a wallet, you can dive in and explore Creator Cuts’
vNFTs and start generating GARI tokens by liking, sharing and
creating your own video clips. Already supporting a fully working
product and home to millions of users, Chingari’s Creator Cuts
platform stands as an early example to the rest of the emerging
Web3 ecosystem, demonstrating just what’s possible with this
disruptive, empowering tech.
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