Zora to Conquer Gas Fees with Optimism Layer 2 Network

The acclaimed NFT mint platform, Zorahas revealed the identity of the Layer 2 Ethereum Scaling Network after weeks of vigorous testing. Ushering in a new era for creators and the arts community, the Zora Network leaps forward with two goals: to reduce the cost of gas, which normally falls on the shoulders of NFT curators and collectors, and to transform the user experience into simplicity and efficiency. I’m here.

Zora continues to hit the Ethereum mainnet cap over the past 6 months. With 880,000 collectors and millions of NFTs minted, gas prices are a widespread stumbling block. By leveraging the technical framework of Optimism, Zora is on a mission to overcome such barriers and reduce minting prices by 25% when matching with Ethereum.

“Pure internet. Free and valuable. Resonance and connection. Open and shared. Independence and expansion. For all creation.” Various on-chain platforms joined Zora to capitalize on the profits launched.

https://t.co/L4JGJMT51w pic.twitter.com/2BjPUAiFOh

— ZORA (@ourZORA) May 25, 2023

Zora’s Progressive Journey

Founded in 2020 by three Coinbase alumni, Zora entered the Web3 world by giving musicians and other artists a platform to sell NFTs tied to physical assets such as cassettes. Over time, the startup shifted its focus to establishing an open source protocol, allowing anyone to create an NFT marketplace. Haun Ventures has put its faith in the platform’s ambitious invention, and following a funding round in May 2022, he injected Zora with $50 million, pushing the project’s valuation to a staggering $600 million. pushed up to the dollar.

Zora reportedly has a user base of around 130,000, thanks to a revenue model derived from selling development tools, allowing companies to design a free protocol to suit their needs, similar to RedHat and Linux. I support you. As a result, Zola facilitated numerous high-profile NFT drops, including the $4 million sale of the Doge meme NFT and one dedicated to the Warhol Foundation.

The platform’s ambitions currently include forming DAOs or online communities with token-based members who sell governance tokens to raise funds. Zora Network enhances open access in the decentralized realm and represents a significant step towards this goal.

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*All investment/financial opinions expressed by NFT PLAZA are based on the site moderator’s personal research and experience and are for educational material only. Individuals should thoroughly research any product before making any type of investment.