Chingari launches ‘video’ NFT marketplace

(Representative Image: Shutterstock)

Short video platform Chingari on August 23 launched Creator Cuts, its video non-fungible token (NFT) marketplace. NFT buyers will get 10 percent of the daily income, in Gari token, earned by creators from the videos shared on the Chingari app.

Claimed to be the first video NFT marketplace, Creator Cuts will sell marquee videos from Chingari’s top creators as NFTs. This is aimed at building monetising mechanisms for creators with a unique financial and community engagement opportunity.

The platform is also meant to enable to communities to connect with their favourite creators by owning a piece of their art.

“At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception,” Chingari and GARI token Co-founder & CEO Sumit Ghosh said.

NFTs are digital assets on a blockchain with unique identification codes. An NFT can be any type of digital file, including an artwork, an article, music or even a meme.

The launch comes a month after Chingari’s Gari token saw a massive price crash when 2 million tokens were sold on the crypto exchange KuCoin at one go.

The social media platform seems to be following the path of Meta-owned  Instagram, which recently rolled out NFT showcasing feature within the main app.

The company believed in the immense potential of the creator economy and was wholly committed to its growth and democratisation, Ghosh said. "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,” he said.