India-based short video app Chingari—best known for its Solana native Gari token—has come up with a video NFT marketplace. The new platform, which has been named Creator Cuts, is going to be the first video NFT marketplace, globally.
The marketplace will make it possible for creators to mint their own video NFTs and empower them financially. Chingari, which is considered to be India’s TikTok, plans to also drive better community engagement with this exclusive NFT marketplace. The marketplace marks a significant advance in the NFT space as well as a big win for Indian developers.
Currently, the NFT marketplace will only allow top creators to mint their videos in exchange for monetary perks. Buyers will also be compensated with 10% of the creator’s income. For now, the compensation will be in the form of Gari tokens. Even non-Chingari users can purchase the NFTs.
The aim of the Creator Cuts project is to increase the presence of the Web 3.0-led creator economy. Sumit Ghosh, CEO at Chingari, believes that it’s time that creators start owning their content instead of giving monetizing rights to third-party networks. Here is what he tweeted:
10 years down the line, the concept that a creator doesn't own his content and fans will likely be dead. Networks which own and monetize content which creators create without giving them ownership will be likely extinct. This is a mission to dedicate a good part of your life for.
— Sumit Ghosh – Mining GARI (@sumitgh85) August 23, 2022
According to the Economic Times, Chingari currently has over 130 million users. The app is available in 15 languages.