Zora, a leading platform for creators and brands to mint non-fungible tokens (NFTs), has unveiled its own layer 2 blockchain network. This new network is designed to enhance support for creatives and reduce costs associated with minting NFTs.
Built on Optimism’s tech stack and secured by Ethereum, the Zora Network aims to make the NFT creation process on its platform "faster, cheaper, and more enjoyable", with an emphasis on gas efficiency and scalability. As per online documents, minting an NFT through the network will "cost less than 50 cents."
Jacob Horne, Zora's co-founder and CEO, explained to CoinDesk that the new layer 2 network enables Zora to "experiment with economic mechanisms" to offset fees for creators. The network will be integrated into all existing tools and experiences on Zora, and has already gained support from over 35 groups and platforms, including PleasrDAO and sound.xyz.
As per a press release, Zora's platform stands out as it was "designed, launched, and built by a team with deep expertise in NFTs." Notably, Latashá, a renowned NFT artist, has served as Zora's head of community since June 2021.
A spokesperson for Zora stated that the platform has been fostering a "culture of creativity and community" from the start, placing artists and creators at the heart of its products. Zora has recently integrated new features such as trending NFT mints, mints with comments, and customizable user profiles, earning it the tag of the "Tumblr for Web3."
Established in 2020, Zora has rapidly gained popularity, boasting over 100,000 monthly active users. According to Crunchbase, Zora has garnered a total of $60 million over three rounds, including a $50 million round led by Haun Ventures in May 2022, which valued the startup at $600 million.
