Chingari is an innovative short-form video-sharing app. It’s also the first social app in the world to reward crypto to its users for uploading, liking, sharing, and commenting on videos. Now, they’ve taken the platform a step further with the launch of their Creator Cuts Video NFT (vNFT) marketplace.
Chingari’s Creator Cuts is the first decentralized video NFT marketplace. The platform enables Chingari’s best creators to mint their videos as NFTs. These video NFTs are then listed on the marketplace by creators for their audience to collect—hence allowing creators to monetize their content.
Being that Creator Cuts is the first-of-its-kind decentralized NFT marketplace, there’s a lot to break down. So let’s get into all the exciting stuff and what it means for both creators and users moving forward.
How Does Creator Cuts Work?
The Creator Cuts platform currently offers pre-minted vNFTs to Chingari users. Although this feature is still in the works, the platform has already selected 100 unique videos to list for auction as NFTs.
If you’re wondering why you’d want to buy an NFT version of your favorite creator’s video, it’s actually quite simple.
Aside from the fact that you are able to support the creator directly by purchasing their NFT, collectors earn 10 percent of the daily mining rewards that the creator earns. That means as a collector, you are earning GARI passively, which is deposited directly into your crypto wallet.
For example, let’s say that Bob earns 500 GARI tokens on the Chingari app and he mints one of his videos as vNFTs on the Creator Cuts marketplace. Sally buys this vNFT and now as per the conditions, Sally is entitled to get 10 percent of Bob’s daily earnings which would be 50 GARI in this case.
You can view the amount of GARI earned by a creator by selecting their NFT on auction. From here, you can also see other data regarding the NFT including;
- Max total supply
- Total current supply
- Mint address
- Transaction history
- Token instructions
- Distribution
- Metadata
- Attributes
It’s important to note that every vNFT on the marketplace is listed in Chingari’s native currency GARI, so you’ll have to make sure your wallet is stocked.
With that, all vNFTs are listed on the video marketplace in an English Auction style. This means that Chingari decides the opening bid for each vNFT and collectors bid on them as they ascend in price, so this is currently no “But Now” price.
Can I Trade My vNFTs?
In the initial beta phase of the Creators Cuts platform, only vNFTs that are held in a Phantom wallet can be traded on a secondary marketplace. The transfer feature for GARI wallet holders will soon be available in the next phase of the platform.
Why Build a Fanbase on Chingari?
You should consider building a fanbase on Chingari if you’re passionate about creating content, and want to be paid for your efforts. There are numerous ways that creators currently earn money on Chingari, such as
- Uploading content
- Gari mining program
- Selling video NFTs
If you’re a creator who aims to foster a dedicated fanbase, then you might want to consider building your fanbase on Chingari. The platform offers creators numerous ways to earn money on a daily basis.
What Is the GARI Token?
GARI is the Chingari app’s native token. It is based on the Solana blockchain and allows content creators to monetize their work through the blockchain. It also functions as a governance token, letting producers make decisions on future platform advancements.
The token intends to address the existing issue that creators face on Web 2.0 platforms: providing outstanding content but seldom being compensated for it. Creators may now monetize their content thanks to GARI.
What Is Chigari’s Mining Program?
Chingari’s Mining Program is a Create-2-Earn, Watch-2-Earn, and Engage-2-earn program that empowers creators and users to earn GARI.
When Chingari first launched in 2018, its goal was to democratize the creator economy. The mining program achieves this by providing a level playing field for big and humble creators.
That means creators aren’t at the mercy of brand collaborations as their only source of income.
The program will offer Rs. 93 crore (approximately 12 million) to the creators and users annually, Chingari stated that GARI tokens will be distributed to the creators from a daily pool of 50,000 tokens, out of which 5,000 tokens will be set aside for the daily login bonus.
The remaining 45,000 GARI are rewarded to the users for engaging in in-app activities such as watching, liking, and sharing videos.
Earnings can be further increased by using GARI Badges which are NFTs a user can purchase in the Chingari app to multiply their daily earnings up to 10x, depending on your badge level.
There are five Badge levels including Basic, Bronze, Silver, Gold, and Diamond that offer 2x, 3x, 4x, 5x and 10x multipliers respectively.
What Is Chingari’s Audio Room?
Chingari’s Audio Room allows users of the app to have real-time conversions on any topic. The Audi Room is a mini app within the Chingari app that is accessible to all users who’ve created a profile and are logged in. Currently, there’s a maximum of 10 speakers at once and an unlimited audience size.
Users also have an option to express their opinions and input via a text message in the room chat.
To enhance the overall expereince and vibe of the room, users can purchase themes, effects, and different dreams using the app’s currency, Diamonds. Users can also gift speakers in the Audio Room virtual gifts to express their support and appreciation.
Hosts can engage the audience by playing music from their device and streaming it live in the rooms. Additionally, you have the ability to choose who can speak and who can be present, as well as ban users indefinitely if necessary.
The goal of the Audio Room is to provide users with an enhanced expereince on Chingari and make new connections.
Final thoughts
With the addition of Chingari’s first-of-its-kind, video NFT marketplace, this social app continues to lead the way in blockchain innovation and implementation.
If you’re looking for a new platform to build a following and monetize your content, consider trying out Chingari.