24/08/2022 On-chain social app Chingari launches the first ever video NFT marketplace

  • Chingari’s Creator Cuts NFT marketplace will empower the creators by offering a unique financial and community engagement opportunity.
  • The platform will offer both – creators and NFT owners – rewards in its native cryptocurrency GARI tokens.

On Monday, August 22, on-chain social media application Chingari took a bold step by launching the video NFT marketplace, Creator Cuts. With this move, Chingari is leveraging the power of non-fungible tokens (NFTs) to cater to the rapidly growing creators’ economy.

Creator Cuts will be the first-ever decentralized video NFT marketplace wherein selected videos from some of Chingari’s top creators shall be minted as video NFTs. These NFTs will also help the creators prove the ownership of their videos while staying safe from the issues of duplicity.

In a press release shared with CNF, Chingari said that the Creator Cuts NFT marketplace will empower the creators by offering a unique financial and community engagement opportunity. These NFT owners will also be able to connect with their favorite creators. At the same time, they can enjoy other monetary benefits of owning the NFTs. Speaking at the launch of the NFT marketplace, Mr. Sumit Ghosh, Co-founder & CEO of Chingari and GARI token said:

At Chingari, empowering and enabling creators to engage effectively and intrinsically with their community has been the cornerstone of our success since our inception. We believe in the immense potential of the Creator Economy and are wholly committed to its growth and democratisation across the spectrum.

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

Earnings from Chingari’s vNFTs

Currently, only pre-minted videos are up for sale on Chingari. The price of all these video NFTs will be available in GARI tokens. The NFT mining feature is still in the pipeline and Chingari said that it will be available soon.

The rewards earned by creators through GARI mining features will be dubbed as creators’ earnings. In addition to earning GARI tokens by selling their vNFTs, creators can earn additional tokens through in-app activities such as watching, sharing, and uploading videos.

On the other hand, Chingarisaidthat holders of these NFTs will earn passive income in GARI tokens. These rewards will be available as 10% of the creators’ daily revenue on the Chingari app. The daily GARI earnings of the creator could vary based on their contribution score. However, the percentage contribution to the NFT holders remains unchanged.

An interesting thing from Chingari is that “to earn the 10% of the rewards from the creator’s earning, one doesn’t have to be a Chingari user. The NFT holder will receive it in the wallet that holds the NFT”.

Arts

https://www.crypto-news-flash.com/on-chain-social-app-chingari-launches-the-first-ever-video-nft-marketplace/

Interesting NFTs
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
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HaCKittieZ
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