The acclaimed NFT mint platform, Zorahas revealed the identity of the Layer 2 Ethereum Scaling Network after weeks of vigorous testing. Ushering in a new era for creators and the arts community, the Zora Network leaps forward with two goals: to reduce the cost of gas, which normally falls on the shoulders of NFT curators and collectors, and to transform the user experience into simplicity and efficiency. I’m here.
Zora continues to hit the Ethereum mainnet cap over the past 6 months. With 880,000 collectors and millions of NFTs minted, gas prices are a widespread stumbling block. By utilizing Optimism’s technical framework, Zora is on a mission to overcome such barriers and reduce minting prices by 25% when matching with Ethereum.
“Pure internet. Free and valuable. Resonance and connection. Open and shared. Independence and expansion. For all creation.” Various on-chain platforms joined Zora to capitalize on the profits launched.
https://t.co/L4JGJMT51w pic.twitter.com/2BjPUAiFOh
— ZORA (@ourZORA) May 25, 2023
Zora’s Progressive Journey
Founded in 2020 by three Coinbase alumni, Zora entered the Web3 world by giving musicians and other artists a platform to sell NFTs tied to physical assets such as cassettes. Over time, the startup shifted its focus to establishing an open source protocol, allowing anyone to create an NFT marketplace. Showing confidence in the platform’s ambitious invention, Haun Ventures announced that following his May 2022 funding round, he will inject his $50 million into Zora, boosting the project’s valuation to a staggering of $600 million.
Zora reportedly has a user base of around 130,000, thanks to a revenue model derived from selling development tools, allowing companies to design free protocols to suit their needs, similar to RedHat and Linux. I support you. As a result, Zola facilitated numerous high-profile NFT drops, including the $4 million sale of the Doge meme NFT and one dedicated to the Warhol Foundation.
The platform’s ambitions currently include forming DAOs or online communities with token-based members who sell governance tokens to raise funds. Zora Network enhances open access in the decentralized realm and represents a significant step towards this goal.
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A digital art lover who brings a unique perspective to NFT news.
