Chingari Launches World’s First Video NFT Marketplace

Ayush Pande
23.08.2022
Sumit Ghosh, the Co-founder and CEO of Chingari, notes: "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."

Social video sharing platform Chingari debuts Creator Cuts, a video-based NFT marketplace operating on the Solana blockchain. Described as the “World’s First Decentralized Video Marketplace," Creator Cuts aims to provide a platform for creators to mint, trade, and share their clips with their fanbase and community.

Unlike other NFT marketplaces, Creator Cuts forgoes using popular cryptocurrencies such as Ethereum and Solana and instead utilizes its own Gari token to facilitate transactions of vNFTs. 

Creator Cuts will allow holders of these NFTs to earn a daily 10% revenue of what the vNFT creator earns from their videos and clips on the Chingari application. Furthermore, the NFTs featured on Creator Cuts can be purchased by members and non-members of the marketplace. However, the passive earnings in the form of daily 10% rewards are only available once users activate their Gari wallet.  

The marketplace supports six crypto wallets: Phantom, Solflare, Slope, Solong, MathWallet, and Sollet. 

As of writing this article, Creator Cuts is currently in its Beta version and only supports the sale and auction of pre-minted videos, with plans to allow all creators to mint their NFTs starting V2 of the platform. Lastly, users can trade their owned vNFTs on secondary marketplaces once the transfer feature becomes available in the next phase.  

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