https://t.co/L4JGJMT51w pic.twitter.com/2BjPUAiFOh
— ZORA (@ourZORA) May 25, 2023
it’s always “wen L2” and never “when scalable infrastructure for artists”
— jacob (@js_horne) May 30, 2023
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-0.88%Reading
Zora, an NFT minting platform, launched its own Ethereum layer-2 scaling network today after weeks of testing. It’s designed to lower costs and improve the user experience for artists and creators alike.
Dubbed Zora Network, it was introduced in May on a mysterious website proclaiming it to be “pure internet. Free and valuable. Resonance and connection. Open and shared. Independence and expansion. For all creation.”
It is secured by the Ethereum blockchain, built on the tech stack of layer-2 scaling network Optimism, and already supported by more than 35 platforms—including on-chain music platform Sound, wallet provider Rainbow, and Web3 app toolkit Thirdweb.
https://t.co/L4JGJMT51w pic.twitter.com/2BjPUAiFOh
— ZORA (@ourZORA) May 25, 2023
“Over the past six months, we’ve been reaching the upper limit of Ethereum mainnet,” Jacob Horne, CEO and co-founder of Zora, told Decrypt. “We’ve had 880,000 collectors and millions of NFTs minted, and have found that gas price is a systemic inhibitor to adoption.”
Horne added that this is a pain point for both collectors and creators alike. In fact, many of the NFTs featured on Zora’s scrolling homepage sell for under $10, and may even be free to mint. An Ethereum network gas fee of a few bucks, or potentially much more during peak moments, could significantly raise the overall transaction cost.
it’s always “wen L2” and never “when scalable infrastructure for artists”
— jacob (@js_horne) May 30, 2023
Zora’s layer-2 network was created with the idea of subsidizing and abstracting away these costs. Horne said that the network makes minting 25 times cheaper compared to Ethereum.
“L2s have been around for a year now—mainnet Optimism has existed, Arbitrum has existed—but have skewed towards DeFi and a financial use case,” he said. “I think the ecosystem and the market is ready for a network that’s purpose-built for art and media, and really leaning into all the interesting experimental things you can do when you have a network like that.”
Zora is one of several NFT platforms that have set out to challenge industry incumbents with new features and products.
Founded by three Coinbase alumni in 2020, Zora started out as a service that offered musicians and other artists the means to sell digital tokens tied to physical artifacts such as cassettes. Since then, the startup has pivoted to focus on building an open-source protocol that allows anyone to stand up an NFT marketplace.
Zora sees itself as more than just an NFT marketplace; its next era is about helping people easily launch a DAO. Zora Co-founder Jacob Horne joined Dan Roberts and Andrew Hayward to talk competition, the NFT speculative boom and bust, how Zora and Nouns are connected, and why Zora thinks DAOs are the future. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
In May 2022, the company raised $50 million in a round led by Haun Ventures that valued it at $600 million. Zora has previously likened itself to a Shopify or WordPress—companies that offer easy-to-use tools for building online stores and websites—but for NFTs and the emerging Web 3 economy. Horne said Zora has had around 130,000 users so far in June.
Horne previously told Decrypt that the company generates revenue via sales of development tools to help companies customize its free protocol for their particular purposes—a model used by the likes of Linux provider RedHat.
Zine, the digital culture magazine from NFT minting platform Zora, is going where few Web3 media offerings have gone before: back to the physical realm. Today, Zora Zine will publish its first-ever print edition—though getting hands on a copy won’t be quite as simple as heading to your nearest newsstand or grocery store checkout aisle. A total of 2,500 collectible Ethereum NFTs representing copies of Zora Zine Print Issue 001 are on sale now; those NFTs can then be redeemed by holders to acquir...
To date, Zora has been the base for a number of high profile NFT drops, including a $4 million sale of the Doge meme NFT, as well as one for the Warhol Foundation. In April, the company put out a print magazine—a publication with a 2,500 item print run—which was redeemable via NFT. At the time, each NFT cost around $150.
Meanwhile, Zora still has the long-term ambition to create a DAO—or an online community with token-based membership—that could one day raise money through the sale of governance tokens.
An officially licensed “The Walking Dead” role-playing game based on the popular TV show will be shut down after July 31, according to blockchain game publisher Gala Games. The Walking Dead: Empires, a multiplayer survival game that was built around Ethereum NFTs, was playable in open beta for the last year after first being announced in late 2021. “After careful consideration, we have made the difficult decision to sunset The Walking Dead: Empires, with the last playable date set for July 31,...
FIFA Collect, the official digital collectibles platform for the International Federation of Association Football (FIFA) soccer organization, will migrate to its own Ethereum Virtual Machine (EVM) compatible FIFA blockchain—leaving behind Algorand in the process. Scheduled to occur no sooner than May 20, the migration away from Algorand does not require any immediate action from FIFA Collect users or NFT owners. “As FIFA Collect evolves, we are migrating the platform to the FIFA Blockchain, an...
A crypto-fueled twist on the Sega IP Sangokushi Taisen (aka Battle of the Three Kingdoms) is set to launch next week, developer Double Jump Tokyo announced on Friday. The impending game release comes almost two years after the studio revealed that it was developing the game under license from Sega. Launching on Wednesday, April 30, the strategic card battler KAI: Battle of the Three Kingdoms will be available in early access on PC and mobile. Prior to this launch, a three hour PC browser-only “l...