Web3 uses blockchain technology and non-fungible token tech to power its disruptive approach to monetizing content creators. This will bring down the corporate giants who were once in control. Leading the charge is India’s fastest-growing on-chain social app, Chingari.
Dubbed “India’s TikTok,” Chingari has just released Creator Cuts — its video NFT (vNFT) marketplace. Chingari can be used as a platform to socially share short videos, just like TikTok. But, the integration of Solana into Chingari allows for new interaction, which brings creators closer to followers than ever.
With Chingari’s social token, GARI, powering its revolutionary feature set, the app is now pioneering the use of vNFTs as a mechanism for monetizing content via the Creator Cuts marketplace. This social media first is expected to revolutionize the earning potential of content creators by giving back control to corporations, which continue to dictate income streams across Web2.
Creator Cuts: Empowering fans and creators
Creator Cuts, a decentralized marketplace for vNFT transactions that is connected to the Solana network, is part of the expanding Chingari ecosystem. Chingari, which was founded in November 2018, experienced a rapid growth due to the Indian ban on TikTok (in 2020) and later its revolutionary blockchain integration. The platform has more than 130 million registered users and over 5 million people sign up daily for short video content.
Creator Cuts is Chingari’s latest foray into the world of Web3. Using the ecosystem’s native cryptocurrency GARI, platform users can buy, sell and mint vNFTs as they would on any NFT marketplace. Platform users enjoy lightning-fast settlements and low transaction fees thanks to Solana network.
A beta version of Creator cuts was released by Chingari in August 2022. Initial pilots were limited to 100 creators, but the team plans to make the program available to many more people. Each of the selected creators will be able to mint one virtual currency and then sell it off to their fans.
It is the idea of vNFTs to build closer relationships between content creators as well as those who support them. Creator Cuts supports the Web3 philosophy by giving creators complete control over their creations as well as giving them access to the tools for monetizing those creations. Meanwhile, it also rewards a creator’s most loyal followers.
You can create and earn money by admiring others.
Although the concept of NFTs being bought, sold, and made is not new, Chingari added additional features that will ensure a vibrant creator economy. Chief among its innovations is the ability for vNFT holders to share in their favorite creators’ financial successes.
Chingari users generate revenue via a process known as “GARI Mining” Users creating content and interacting with videos across the platform receive GARI Mining rewards from the project’s Community Reserve.
Holders of Creator Cuts vNFTs automatically start to receive a portion of its creator’s total platform revenue as soon as they buy their video clip. Rewards are fixed at 10% of the creator’s overall daily revenue and are paid each day in GARI tokens. This dynamic should ensure significant demand for vNFTs from the platform’s most popular creators. Additionally, it will spur on creators to produce more of the content their fans love — meaning everyone’s a winner!
Creator Cuts, a strong NFT marketplace, is another innovation. Its video clip listings fall under various categories, such as “dance,” “sports” and “cooking,” and the “Trending” section makes browsing for the hottest vNFTs quick and easy. In its beta release, the platform’s primary market functions via an auction mechanism, ensuring creators are adequately rewarded for their efforts.
Web3’s core principle of decentralization, Creator Cuts also believes that it is important. Creator Cuts does not have a NFT platform. Users are free to use the platform and all vNFT holders can earn rewards, regardless of their Chingari status. Simply holding the vNFT in a Solana-compatible wallet is all that’s needed to benefit from the efforts of the creator you support. In the meantime, all Solana NFT markets will support secondary trading of vNFTs.
Dive into Chingari’s Web3 revolution
Creator Cuts is now live on Chingari’s popular, fast-growing social app. You will need to have a Solana wallet with GARI tokens in order to get started. The most popular compatible wallets are Solflare, Phantom and Sollet.
After connecting a wallet, you can dive in and explore Creator Cuts’ vNFTs and start generating GARI tokens by liking, sharing and creating your own video clips. Already supporting a fully working product and home to millions of users, Chingari’s Creator Cuts platform stands as an early example to the rest of the emerging Web3 ecosystem, demonstrating just what’s possible with this disruptive, empowering tech.