Ethereum NFT and tokenization protocol Zora will launch its own token—ZORA—this spring.
The platform, which says it’s “been on a multiyear journey of the best way to bring creativity on-chain through tokenization,” will launch its self-described meme coin on Base, the Ethereum layer-2 network.
“What started as an experiment six years ago has turned into something larger than we could have imagined,” the protocol wrote in a blog post introducing the token. “Thank you to everyone who has realized the vision of Zora with us this far.”
Zora Launches Layer-2 NFT Network to Battle Ethereum Gas Fees
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 sca...
As part of that thanks, the platform is airdropping 10% of its token supply or 1 billion ZORA tokens to its community of creators, collectors, builders and more, based on a March 3 snapshot.
A second snapshot will take place three days before ZORA’s launch, though the date is still outstanding.
In addition to the 1 billion tokens set aside for the airdrop, an additional 20% of the token supply will be reserved for community incentives like hackathons and future grants. The team and strategic contributors are allocated 45% of the supply, subject to a six-month cliff and three-year vesting period. A full tokenomics breakdown can be found on the project’s support page.
Bored Ape Creator Yuga Labs Says SEC Closing Investigation in 'Huge Win' for NFT Sector
The U.S. Securities and Exchange Commission has closed its investigation into Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, without taking enforcement action, the company said on Monday. Yuga Labs had been under SEC scrutiny since 2022 over whether its NFT offerings and ApeCoin token distribution violated federal securities laws. The company welcomed the decision, calling it a "huge win" for the NFT industry. The company also labeled the move as a boon for "all creato...
Since launch, Zora has driven more than $376 million in secondary trading volume, while facilitating NFT or token collection by more than 2.4 million wallets.
The platform launched its own Ethereum layer-2 network in June 2023 as it battled high gas fees plaguing Ethereum mainnet. It more recently announced a feature that allows any user to generate a token tradable on leading Ethereum decentralized exchange Uniswap with any post.
Edited by Andrew Hayward
