Zora
NFT-Centric Layer 2 OP Chain powered by OP Stack Bedrock
Last updated
NFT-Centric Layer 2 OP Chain powered by OP Stack Bedrock
Last updated
Zora is stepping up as one of the pioneering OP Stack chains to join the Superchain. It transitioned from an NFT minting platform and community to rolling out an L2 scaling solution. It empowers users with the liberty to innovate or collect without any boundaries.
Dive in to discover more about Zora, the NFT-centric L2 ecosystem championing both artists and collectors.
Zora's mission is crystal clear: to forge a Layer 2 solution for NFTs that's engaging, straightforward, and pocket-friendly for both creators and aficionados. They're on a quest to dismantle entry barriers and craft a user-centric experience 🎟️.
To arm artists with avant-garde tools, enabling them to mint diverse content, be it videos 🎥, melodies 🎵, visuals 🖼️, , or even entire web portals 🌐.
Eradicating financial or structural roadblocks ⛔, paving the way for boundless artistic exploration.
The firm has often drawn parallels between its services and well-known platforms like Shopify or WordPress, known for their user-friendly interfaces for creating e-commerce sites and blogs, respectively. However, Zora applies this ease and accessibility to the sphere of NFTs and the burgeoning Web 3.0 economy.
So as a user, you might be either a collector or an artist who is looking for tools to let them mint their collection and sell their art.
Toggle for the steps:
Useful Links
To go in-depth into the security and Decentralization of Zora check L2 Beat’s comprehensive report 👇
In May 2022, Zora secured a $50 million investment in a funding round spearheaded by Haun Ventures, establishing a company valuation of $600 million.
Additionally, in previous discussions with Decrypt, Horne explained that Zora's revenue stream is derived from offering specialized development tools for sale. These tools assist other enterprises in tailoring Zora's no-cost protocol to suit their specific needs, a strategy reminiscent of the one employed by Linux distributor RedHat.
Under the hood, Zora Network is built on the OP Stack (Bedrock release), ensuring high-speed transactions with new blocks created every 2 seconds.⚡
Zora Network also plans to integrate with Optimism Superchains.
While NFTs are in focus, there haven't been changes made to the OP Stack modules to enhance NFT capabilities at the protocol level. Except for an important one!
To answer this question, we need to delve into the details and, first and foremost, understand the primary advantage of running your L2: control over the sequencer. For those who may not be familiar, the sequencer is a vital component of any Layer 2, responsible for gathering pending transactions and bundling them into L2 blocks. This block-building process also provides the benefit of collecting users’ gas fees.💸
But what is the advantage?
Jacob, one of the co-founders of Zora, elaborated on a podcast that having control over the sequencer provides platform-level superpowers. These superpowers can, for instance, be utilized to abstract gas fees even further for users and enable features like 0 gas fee mints.
Role of the Superchain🌉:
As a side note, while there are no reasonable solutions for fully decentralized sequencers developed yet, there's no need to worry excessively about it. Sequencers are unable to manipulate or sign transactions to steal funds from users.
The Superchain’s bridge security model ensures both the integrity (safety) and continuous operation (liveness) of chains. While the proof system vouches for the chain's validity, users can directly submit transactions to L1, ensuring uninterrupted service. So, if an OP Chain sequencer acts up, users can easily switch to another reliable OP Chain.
Furthermore it...
Accelerates activity
Makes the chain a part of the Public Goods Infrastructure
Simplifies development
Builds towards an interoperable crypto economy
DAO creation
Zora envisions creating a decentralized autonomous organization (DAO) with token-based membership, leveraging governance token sales to raise funds. This aims to foster a decentralized community to decide for Zora's future.
@ourZORA
@js_horne
Zora recently for NFTs using their platform. It plans to charge collectors a flat fee of 0.000777 ETH per NFT minted (regardless of mint price) and then split that fee with creators to incentivize them to release projects through Zora and on the Zora Network.
You know this pain point if you have experienced the NFT market on Ethereum Mainnet, with extremely high gas fees and minting costs. The Rollup design of Zora makes it cheap to use and offers you higher security and reach compared to using other L1s while being a Layer 2 chain on Ethereum, check .
Link to smart contract docs
Link to the docs .
Check the whole subpage .
As of June, Horne revealed that Zora had attracted approximately 130,000 users. For the latest number of .
This is what the chain makes in profit onchain each day. It quantifies profitability by comparing the revenue generated from L2 gas fees collected to the costs associated with data & proof posting onto the Ethereum blockchain. See current metrics .
To find the most active projects on Zora it is best to explore the blockspace usage and look for contracts that have the highest consumption of gas or the highest transaction count. See current blockspace analytics .
Check out our Page about OP Stack for a short summary of OP Stack
If you do not know exactly what that is check out our short summary of that
