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NFT Creation Platform Zora Launches Creator-Focused Layer 2
Zora Network aims to make minting on its platform "faster, cheaper and more enjoyable," according to a press release.
Updated Apr 9, 2024, 11:22 p.m. Published Jun 21, 2023, 7:33 p.m.
Zora, the popular platform used by creators and brands to mint non-fungible tokens (NFTs), has launched its own layer 2 blockchain network to support creatives and minimize costs.
The Zora Network is secured by Ethereum and built on Optimism’s tech stack. According to a press release, the new network will make minting on its platform "faster, cheaper and more enjoyable" with a focus on gas efficiency and scalability. According to documents online, minting an NFT through the network "costs less than 50 cents."
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Jacob Horne, Zora's co-founder and CEO, told CoinDesk that as a layer 2, the network is able to "experiment with economic mechanisms" to subsidize fees for creators.
The platform will be integrated into all of Zora's existing tools and experiences and is already supported by over 35 groups and platforms, including sound.xyz, PleasrDAO and more.
In a press release, Zora said its platform is unique in that it was "built, launched and designed by a team with deep expertise of NFTs." Noted NFT artist Latashá has worked as Zora's head of community since June 2021.
In a statement to CoinDesk, a spokesperson for Zora said that the platform has been building a "culture of creativity and community" since its inception, putting artists and creators at the forefront of its products. The company has recently integrated new features, including highlighting trending NFT mints, allowing mints with comments and the ability to customize user profiles, which it says make it the "Tumblr for Web3."
The platform has grown in popularity since it was founded in 2020, reaching over 100,000 monthly active users. According to Crunchbase, Zora has raised a total of $60 million over three rounds including a $50 million round led by Haun Ventures in May 2022 which gave the startup a $600 million valuation. Other notable investors in Zora include Paradigm, Kindred Ventures and Coinbase Ventures.
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