Chingari (GARI) App now allows users to turn videos into non-fungible tokens (NFTs) to generate yield
Chingari (GARI), the fastest-growing Web3 video ecosystem, shares the details of the latest addition to its ecosystem. With Creator Cuts, a new generation of NFT enthusisasts receive one more opportunity for passive income.
Creator Cuts video NFT marketplace launched by Chingari (GARI)
According to the official announcement shared by Chingari (GARI), the platform has launched Creator Cuts, a module for video-based non-fungible tokens (NFTs). On Chingari (GARI), every digital content creator can turn his/her artwork into vNFTs.
We are ecstatic to announce the launch of the beta version of the World’s first-ever video NFT(vNFT) marketplace, Creator Cuts🚀
So what is Creator Cuts, & how will it revolutionize the #creatoreconomy & benefit the vNFT holders once it is rolled out🤔
Here’s a thread👇 (1/4) pic.twitter.com/NDX2p3f69J
— GARI, Powering The Web3 Social Network🔥 (@GariToken) August 22, 2022
Creator Cuts is designed to empower digital artists with novel financial, promotional and community management opportunities. Also, Web3 enthusiasts can now support creators by owning a piece of unique art.
A unique price is assigned to every video that is ready to become a vNFT, depending on the activity of its creator in various instruments of the Chingari (GARI) app.
Mr. Sumit Ghosh, co-founder and CEO of Chingari and GARI token, highlighted the crucial importance of this release for Chingari (GARI) ecosystem in terms of both technology and marketing:
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 democratisation 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.
Novel revenue stream for NFT holders
Chingari (GARI) pioneers a novel revenue mechanism in Web3: buyers can get 10% of the daily income in GARI tokens of aggregated revenue generated by the video creator.
Creator Cuts’s vNFTs can be purchased by both Chingari (GARI) users and investors outside of the Chingari (GARI) ecosystem.
As covered by U.Today previously, in June 2022, Chingari (GARI) launched an unparalelled liquidity program for its supporters. A total of $12 million in GARI equivalent will be allocated between digital creators.
Digital content creators and participants of various community-driven activities will be rewarded by GARI tokens.