Acclaimed NFT minting platform, Zora, has unmasked its Layer 2 Ethereum scaling network following weeks of vigorous testing. Ringing in a new era for creator and artistic communities, ‘Zora Network’ is leaping with a dual purpose: to trim costs of gas fees that typically weigh on NFT curators’ and collectors’ shoulders and transform the user experience into simplicity and efficiency.
Zora has been hitting the Ethereum mainnet’s upper limit throughout the past six months. With 880,000 collectors and millions of NFTs minted, gas prices have been a widespread obstacle. By utilizing the technical framework of Optimism, Zora is on a mission to override such barriers, reducing the minting price by 25% when matched against Ethereum.
Voicing being “Pure internet. Free and valuable. Resonance and connection. Open and shared. Independence and expansion. For all creation,” a diverse range of on-chain platforms have joined Zora to draw on the recently launched gains, including the Rainbow wallet provider, Sound.xyz music platform, and the Thirdweb Web3 application toolkit, among others.
https://t.co/L4JGJMT51w pic.twitter.com/2BjPUAiFOh
— ZORA (@ourZORA) May 25, 2023
Zora’s Progressive Journey
Established in 2020 by a trio of Coinbase alumni, Zora tuned into the Web3 world by providing musicians and other artists a platform to sell NFTs tied to physical assets, like cassettes. Over time, the startup shifted its focus to establishing an open-source protocol, enabling anyone to create an NFT marketplace. Presenting faith in the platform’s ambitious inventions, Haun Ventures injected $50 million into Zora following a funding round in May 2022, pushing the project’s valuation to a staggering $600 million.
Zora reportedly has a user base of around 130,000, thanks to its revenue generation model stemming from sales of development tools, aiding companies in designing free protocols for their needs, similar to RedHat and Linux. Consequently, Zora has facilitated numerous high-profile NFT drops, including the $4 million sale of Doge meme NFTs and one devoted to the Warhol Foundation.
The platform’s ambitions now include forming a DAO or online community with token-based members to raise funds by selling governance tokens. Zora Network represents a meaningful step toward this goal, enhancing open access in the decentralized realm.
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