Chingari's NFT-marketplace Creator Cuts will let buyers of these NFTs get 10% of the daily income in Gari.

Chingari, an on-chain social application has launched the video non-fungible token (NFT) marketplace 'Creator Cuts', the company informed. The platform said Creator Cuts will let buyers of these NFTs get 10 percent 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.

Speaking at the launch of Creator Cuts Sumit Ghosh, Co-founder & CEO, of Chingari and GARI token said, "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 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."

Launched in 2018 and powered by Gari Token, Chingari is an on-chain social app and claimed this launch as a revolutionary new offering, fostering and proliferating the creator economy. However, only marquee videos from top creators will be minted as NFTs.

Creator Cuts is aimed at empowering the creators with a financial and community engagement opportunity, along with enabling the community to connect with their favorite creators by owning a piece of their unique art. Holders of these vNFTs will earn daily passive income in Gari tokens in the wallet address which holds these NFTs. These rewards will be taken as a portion (10%) of the creator's daily revenue on the Chingari app.

How to list (mint) Video as a creator on the marketplace?

This feature is still in the pipeline and would be available soon. As of now only, pre-minted videos are up for sale or auction. Its team has selected 100 unique videos that have been uploaded on the Chingari app and have minted NFTs from these videos. The price of vNFTs is denominated in GARI tokens.

What is a GARI Token?

Short-video application Chingari has stepped into the world of cryptocurrency with its crypto-token GARI. A fungible blockchain token, GARI will serve both "as a future in-app currency and a governance token," the company said. The token will be built in partnership with the Solana blockchain.

Social tokens are digital assets backed by an individual, brand, or community. "They allow creators to receive more equitable pay and forge deeper relationships within audiences," the company said.

With GARI tokens, Chingari aims to infuse cryptocurrency into the day-to-day lives of content creators and audiences. The gradual usage of tokens or coins will ensure the smooth adoption of tokens in the long run. The simple mechanics of the Chingari application will also help new consumers to enter the world of crypto with a "familiar short-term tool."

Future Plan for GARI Token: One Billion Users to Join the Network

The GARI Network pushed more people to download the Chingari application and register for a GARI wallet. The group has stated that its goal is to have one billion on-chain users join its network.

The Chingari application and GARI keep growing and hit new milestones, notwithstanding the crypto bear market, including 800k wallet signups.

About Chingari

Chingari is a unique fun app that enables users to create and share entertaining and engaging short videos. It has established tie-ups with all the popular music labels and the creators have a vast music library to choose from. Chingari has already made a name for itself as the first app to introduce monetization for creators through GARI Tokens and a GARI wallet, thereby boosting the creator's economy. Amongst the top 20 most downloaded apps globally, Chingari's eclectic platform entertains 130M+ users across, and hosts videos in 15+ languages with over 5 million daily active users.