Zora, an acclaimed NFT minting platform, has recently revealed its Layer 2 Ethereum scaling network after undergoing extensive testing. This unveiling marks a significant milestone for creator and artistic communities, as the ‘Zora Network’ aims to address the high gas fees and improve the user experience associated with NFTs.
Over the past six months, Zora has encountered challenges with the Ethereum mainnet’s capacity. With a user base of 880,000 collectors and millions of NFTs minted, gas prices have become a widespread barrier. To overcome this issue, Zora has leveraged Optimism’s technical framework to reduce minting fees by 25% compared to Ethereum.
The Zora Network has attracted a diverse range of on-chain platforms to benefit from its recent enhancements. Among the enterprises that have joined forces with Zora are Rainbow wallet provider, Sound.xyz music platform, and the Thirdweb Web3 application toolkit. Collaboratively, they strive to create an ecosystem that fosters simplicity, efficiency, and cost-effectiveness for NFT curators and collectors.
The journey of Zora began in 2020 when it was established by a trio of Coinbase alumni. Initially, the platform provided musicians and artists with the opportunity to sell NFTs linked to physical assets like cassettes. However, over time, Zora transitioned into an open-source protocol, enabling anyone to create their own NFT marketplace. This pivot in focus garnered significant attention and support, with Haun Ventures injecting $50 million into Zora during a funding round in May 2022, resulting in a staggering $600 million valuation for the project.
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Zora’s revenue generation model, centered around the sales of development tools, has contributed to its reported user base of 130,000. The platform assists companies in designing free protocols for their specific needs, similar to RedHat and Linux. As a result, Zora has facilitated several high-profile NFT drops, including the sale of Doge meme NFTs for $4 million and a collection dedicated to the Warhol Foundation.
Looking ahead, Zora aims to establish a DAO or online community with token-based members to raise funds through the sale of governance tokens. The launch of the Zora Network represents a vital step in this direction, promoting open access in the decentralized realm and enabling broader participation in the development and evolution of the platform.
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In conclusion, Zora’s introduction of the Layer 2 Ethereum scaling network, the Zora Network, has the potential to revolutionize the NFT ecosystem. By reducing gas fees and enhancing the user experience, Zora aims to attract more creators and collectors to its platform. With the support of various on-chain platforms and plans to establish a DAO, Zora is set to further expand its reach and influence in the decentralized realm.
