💪 Empowering Artists Through NFTs
Zora is an Ethereum-based NFT platform empowering artists with royalty tools and no listing fees.
Today's Highlights
- Zora - innovating artistic freedom
- Today's Infographic
- In Other News - a few interesting developments we're tracking
Zora - Innovating Artistic Freedom
Zora is a platform that goes beyond being just an NFT marketplace; it also functions as a media registry protocol. Its main goal is to empower artists by providing them with tools to collect royalties on their work, gain exposure, and build communities. Zora aims to create new avenues for creators that avoid the exploitative practices often seen in traditional creative industries. The platform can be thought of as a Web3 social media platform, where creators are compensated for their work. The more popular their creations become, the more they directly benefit financially. This represents a paradigm shift from the Web2 social media platforms that rely on the engagement economy.
Zora operates on the Ethereum Blockchain and uses ETH as the currency to buy NFTs. One of the key features of Zora is that it does not charge any fees for listing and selling NFTs. This approach is intended to support creators in the Web3 space. However, users are still subject to Ethereum's NFT gas fees, which can vary based on network congestion and other factors.
There are different ways to acquire NFTs on Zora. In a reserve auction, users must place a bid that is 5% higher than the previous bid, and if they meet the reserve price, they cannot remove their bid. For NFTs tagged as "Buy Now," users can simply click "Buy NFT" and complete the transaction immediately. Additionally, users can place open offers on unlisted NFTs, although this doesn't guarantee a purchase; it can be a way to potentially get a good deal.
To sell their own NFTs on Zora, artists need to use the Creator Toolkit. This toolkit allows users to publish and control their smart contracts without requiring any coding skills. Within the Creator Toolkit, artists have two options for collections: Drops and Editions. In a Drop collection, each NFT can have different artworks and metadata, similar to most generative NFT collections. In an Editions collection, all identical NFTs are sold at a fixed price.
Tyson Battistella, Dai Hovey, Ethan Daya, Slava Kim are the co-founders of Zora. They have raised a total of $60M in funding.
🧐 Today's Infographic
In Other News
Null Transaction PR
Null Transaction PR
Null Transaction PR