In the race for dominance among Ethereum Layer 2 blockchains, Zora Network stands out with its focus on NFTs. As a Layer 2 solution that utilizes Optimism technology, Zora offers fast transactions and low gas fees. This makes it an ideal choice for artists and digital creators. With its specially designed NFT marketplace, Zora simplifies the process of minting and trading NFTs, opening up new opportunities for creators to monetize their work. Will Zora Network become a key player in the NFT ecosystem? Let’s find out.
Article Summary:
- ⛓️ Zora Network is an Ethereum Layer 2 blockchain specifically optimized for NFTs, offering efficient, fast, and cost-effective infrastructure.
- 🎨 Zora Network features an NFT marketplace called Zora, where users can sell a variety of works, including images, videos, text, music, and more.
- 💵 The platform leverages Optimism’s OP Stack rollup technology to reduce the load and fees on the Ethereum network.
What is Zora Network?
Zora Network emerges as an Ethereum Layer 2 blockchain specifically designed to facilitate NFTs. It aims to provide a more efficient, faster, and cost-effective infrastructure for various Web3-based applications, particularly NFTs.
Zora Network features its own NFT marketplace called Zora. This platform serves as a hub for NFTs minting and empowers artists (filmmakers, podcasters, writers, 3D artists, photographers, musicians) to sell their creations on-chain with low fees and fast transaction processing.
As a Layer 2 solution, Zora Network utilizes Optimism Collective’s OP Stack rollup technology to consolidate multiple off-chain transactions into a single on-chain transaction on Ethereum. This effectively reduces the load on the Ethereum mainnet and lowers gas fees.
Read more about Optimism in this article.
Quoting Bankless, Zora Network is essentially an “appchain,”. It means that Zora primarily focused on serving the Zora NFT minting protocol and marketplace. Unlike other platforms that aim to attract a variety of DeFi, NFT, and GameFi projects, Zora Network has prioritized streamlining the NFT minting process.
An appchain (application-specific blockchain) is a blockchain developed and optimized to run a specific application with unique requirements.
Who founded Zora Network?
Zora Network was founded in 2020 by ex-Coinbase, Jacob Horne and Dee Goens. Before developing Zora, Jacob Horne was a Product Manager at Coinbase, where he was responsible for developing crypto products. Dee Goens served as Marketing Manager at Coinbase, handling partnership programs, social media, and influencer marketing.
Zora Network launched in 2023 and features its native bridge https://bridge.zora.energy.
In May 2022, Zora Network successfully raised $50 million in a funding round led by Haun Ventures, with participation from Coinbase Ventures, Kindred Ventures, and other investors.
How Zora Network works
Zora Network operates as an Ethereum-based Layer 2 blockchain and is the first NFT-specific L2 utilizing the OP Stack (Optimism). By leveraging Optimism’s rollup technology, it enables transaction confirmations within seconds, allowing NFT minting for as low as $0.50.
In addition to its speed and affordability, this platform inherits all of Ethereum’s fundamental security mechanisms, including a robust consensus algorithm and protection against common blockchain attacks.
Advantages of Zora Network
- Fast and cost-effective transactions
This platform prioritizes fast and affordable NFT transactions by leveraging Layer 2 technology to minimize gas fees and speed up transaction confirmation times. This translates to a smoother and more cost-effective experience for users.
- Decentralized marketplace
Zora features its own decentralized NFT marketplace, similar to OpenSea, accessible at https://zora.co/. Users can seamlessly buy and sell NFTs on this platform, enjoying low transaction fees and rapid execution.
- Low-cost NFT minting
Zora empowers users to mint NFTs at minimal cost through its Zora’s Creator Toolkit. The minting fee is approximately 0.000777 ETH per NFT. This fee is then distributed among creators, developers, and other parties as part of the protocol’s reward structure.
- Thriving Community Engagement
This platformfosters a vibrant community within its marketplace. It serves as a hub where creators and collectors can interact, trade, and participate in discussions about NFTs.
Users can purchase NFTs on Zora Network through OpenSea, thanks to the compatibility between the two platforms.
The potential of Zora Network
Currently, Zora Network does not have its own platform token. However, Jacob Horne, in a Youtube interview with Bankless, hinted at a future token launch that will decentralize the network.
There’s speculation of a potential airdrop rewarding early users. Engaging with the network through bridging tokens, minting and trading NFTs, and creating avatars might increase one’s chances of receiving an airdrop.
Zora Network’s recent introduction of an AI-powered NFT creation tool broaden its capabilities and appeal. This feature empowers creators to generate NFTs from text descriptions. They can type what they want, generate an image instantly, and deploy it on the blockchain immediately afterward.
On the Zora marketplace, several ERC-20 tokens—CRASH, HIGHER, ENJOY, and DEGEN—can be traded and used to reward NFT creators. Additionally, NFT creators can airdrop their NFTs directly to other users on Zora, as long as the NFTs are minted on-chain and not pre-minted.
The graph above shows that Zora Network’s active users have steadily increased since its launch, but saw a decline in April 2024. The platform’s low and fast transaction fees have attracted many users.
By May 2024, Zora Network had nearly 180,000 users and over 36,000 transactions. The number of transactions was influenced by rumors of an upcoming Zora token airdrop for early users.
Conclusion
Zora Network sets itself apart from other Layer 2 solutions by focusing on NFT optimization. It provides an efficient, fast, and cost-effective infrastructure for Web3 applications, especially NFTs.
The future potential of this platform in the NFT world is significant. With technology that enables fast transactions and low costs, the platform is well-positioned to attract more NFT creators and users.
Furthermore, the integration of AI and the ability to monetize digital content through NFTs offer new opportunities for creators to generate passive income. This positions Zora as a key player in the innovation and expansion of the NFT market.
Buy Crypto on Pintu
Looking to invest in crypto assets? No worries, you can safely and conveniently purchase a wide range of cryptocurrencies such as BTC, ETH, SOL, and others safely and easily on Pintu. Pintu diligently evaluates all its crypto assets, highlighting the significance of being cautious.
Pintu is also compatible with popular wallets such as Metamask to facilitate your transactions. Download Pintu app on Play Store and App Store! Your security is guaranteed because Pintu is regulated and supervised by Bappebti and Kominfo.
Aside from buying and trading crypto assets, you can expand your knowledge about cryptocurrencies through various Pintu Academy articles. Updated weekly, all Pintu Academy articles are made for knowledge and educational purposes, not as financial advice
References
- Zora, About Zora, FAQ, accessed 28 May 2024.
- William M. Peaster, The Bankless Guide to Zora Network, Bankless, accessed 28 May 2024.
- Crouton Digital, Zora Possible Airdrop, Medium, accessed 28 May 2024.
- Sankrit K, Unlocking Digital Creativity: Guide to Zora and Zora Network, CoinGecko, accessed 28 May 2024.