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.”
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.
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