August 23, 2022 - 5 min read
Chingari is one of the fastest-growing short-form video social apps that is built on top of the Solana blockchain and is rolling out Creator Cuts, the first-ever video NFT marketplace that allows fans to own video NFTs from their favorite creators and to earn royalties (paid out in GARI token) based on engagement and virality.
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Chingari, one of the fastest growing on-chain short-form video social apps has announced Creator Cuts, which is the first-ever video NFT marketplace that will empower creators with both financial and community opportunities.
The Chingari app, which launched in 2018, has been called a Tik-Tok rival, as it has been downloaded over 107 million times, has 5 million daily active users, and has videos in 15+ languages.
Chingari is also unique in that it is an on-chain social application that is powered by GARI, which is one of the world’s largest social tokens.
The app is built on top of the Solana blockchain and its token currently has over 1.2 million holders with a fully diluted market cap of over $72 million.
The GARI token unlocks the unique ability for short-form video creators to monetize their work by leveraging blockchain technology to allow creators to earn GARI, which can be bought and sold.
Sumit Ghosh, co-founder & CEO of Chingari and the GARI token emphasized his platform’s focus on enabling creators to engage with their audiences at a deeper level and a commitment to the democratization of creator earnings:
“At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception. We believe in the immense potential of the Creator Economy and are wholly committed to its growth and democratization across the spectrum. 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. 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.”
What’s very unique about this new NFT marketplace is the fact that buyers of the video clip NFTs will get 10% of the daily income (distributed in the GARI token) earned by the creator of the video based on the engagement on those specific videos.
This is a very interesting approach as it gives more incentive to fans of specific creators to own a piece of their work.
For example, there may be a creator whose video content you really enjoy watching.
That person might have just started their journey of content creation, but you see a lot of potential in their popularity.
You could purchase one of their NFTs (which is set at a unique price depending on the activity of the creator in the Chingari app), and if they blow up and get popular, you get the benefit of that by collecting the 10% royalty (in GARI tokens) which can then be sold.
The traditional NFT ownership model enables fans to buy the work of an artist, creator, or founder of an NFT project, but only get benefits when the founder offers utility to its holders or grows the brand and as a byproduct, the NFT goes up in value.
Creator Cuts turns that traditional model on its head by allowing NFT holders to earn royalties if the creator continues to generate engagement on the Chingari app.
This is a great incentive to help the Chingari app continue to grow because content consumers now have skin in the game. If they purchase NFTs from a creator, they would likely want to share the content and spread the word knowing they can earn GARI with the more engagement that creator gets.
You can check out some of the live auctions here, which are priced in GARI.
The description in each video NFT for sale suggests that right now it’s just a collection of 100 video NFTs from the top GARI miners on the Chingari app, from popular creators like this one.
You can check out the user stats from the creators on the videos before bidding to see how popular they are. In the example user above, that person has nearly 21,000 followers and over 36 million video views.
Currently, only preminted videos are up for auction, but V2 of this marketplace will allow any creator to mint their videos as NFTs and sell on the open market.
What’s interesting is that you do not need to be a Chingari app user to earn the 10% rewards royalty in GARI token, but more than likely an NFT owner would want to be on the app to share their creator’s work.
This is a fascinating marketplace to keep an eye on, as it is the first I have come across to pay royalties to holders of NFTs through video content.
The first phase of NFTs was to democratize creator earnings, but now fans and consumers get a chance to earn a piece of virality as well.
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Sep 29, 2022
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