On August 23rd, a popular social media app in India, Chingari, announced that it wants to launch a new feature called Creator Cuts. Creator Cuts would be the first video NFT (non-fungible token) marketplace in the world.
Creator Cuts To Provide Financial Benefits For Creators And Users On Chingari
This latest product is part of the company’s commitment to propagating and fostering the economy for digital creators. According to reports, video NFTs would be minted in the marketplace based on some premier videos.
Successful creators on Chingari would produce the videos. Although the new initiative would provide creators with community engagement and financial opportunities, it has other users.
Users would be able to connect with various creators they like and buy the authentic artwork they created. Afterward, they would continue to receive financial benefits from the artwork.
Reports also state that those who buy the NFTs will benefit from the NFTs. They would receive about 10% of the daily income made by the artist who created the NFT.
However, this would depend on the interaction they receive on the videos they posted on Chingari. Also, each video has its special price different from the others.
This special price is determined by the time the video producer spends on the Chingari social media app. Meanwhile, other users can also buy the NFTs whether they use Chingari or not.
Chingari Plans To Become As Popular As TikTok
While talking at the unveiling of Creator Cuts, the CEO and Co-founder of Chingari, Sumit Ghosh, stated that:
“At Chingari, the major reason for our success is because we empower creators to communicate effectively with their user community. We are a major supplier of the Creator Economy because it has great potential. Hence, our goal is to spread the benefits among the members of our community.”
The CEO also said the platform would continue to create special programs to promote its objectives and grow its ecosystem. It would also work on projects that cut across various cultures.
Ghosh added that the latest project would help to empower the digital creators on Chingari. Also, it would foster deep connections and ties in the community and allow them to grow together.
Chingari serves a short-form video application in India and is currently progressing. The company plans to ensure that the app becomes as popular as the Chinese short video app, TikTok. Furthermore, this is a welcome development for the social media app.