Zora Network is a Layer 2 blockchain platform focusing on NFTs (Non-Fungible Tokens), making it easier and cheaper to bring media onto the blockchain.
What is Zora
Here's how it works:
- Fast and Affordable: Transactions on Zora are quick and minting an NFT costs less than $0.50, making it efficient for users.
- NFT-Centric: Unlike many other Layer 2 solutions that focus on DeFi (Decentralized Finance), Zora Network prioritizes NFTs, offering new possibilities for them on the blockchain.
- ZORA Marketplace Protocol: ZORA is an NFT marketplace with no downtime. It's easy to use, can't be changed (immutable), open to everyone (universally accessible), and resistant to censorship.
- Zora V3 Features:
- Incentives for Platforms: New mechanisms to encourage platforms built on Zora. These include a royalty system for earning commissions on NFT sales and a staking system that rewards network participation.
- Modular Design: Zora V3 has a flexible and adaptable design, allowing for continuous updates and improvements. This makes the platform scalable and able to evolve over time.
In summary, Zora Network is a user-friendly and cost-effective Layer 2 focused on NFT. It's an excellent choice for artists and creators looking for a marketplace to showcase and sell their work.
Team of Zora
Jacob Horne
Co-Founder
Jacob Horne
Forbes 30 Under 30 - Art & Style (2023)
After working at Coinbase, Jacob Horne cofounded Zora in 2020 to help artists and musicians capture the value of their work using NFTs and DAOs. With tools to create and sell, Zora raised $60 million at a $600 million valuation in May.
Funding of Zora
$60,000,000
Total Funds Raised
$50,000,000
Funding Round
Led by Haun Ventures and other VCs like Coinbase Ventures, Kindred Ventures.
$8,000,000
Funding Round
VC information not disclosed.
$2,000,000
Seed Round
Led by Kindred Ventures and other VCs like Coinbase Ventures, Trevor McFedries, Alice Lloyd George, Jeff Staple.
Zora review
Pros
Creator-Friendly
More control for creators, including royalties on future sales.
No Downtime
Decentralized nature ensures constant availability, without central server issues.
Composable Design
Integrates with other dApps for seamless NFT transfers.
Immutable Records
Once data is on the blockchain, it's permanent, ensuring NFT provenance.
Universal Access
Open to all, regardless of location or nationality, broadening audience reach.
Censorship-Resistant
No single entity can censor content, allowing free expression.
Ethereum-Like Structure
Mimics Ethereum with minor differences in network behavior.
Cons
Early Stage
New network with inherent risks due to its early stage of development.
Low User Interest
Currently, user interest is low, suggesting potential low future activity.
Knowledge
NFTs for Beginners (What Is It, Types, & Creating One)
Article15 mins
NFTs for Beginners (What Is It, Types, & Creating One)