The rapidly evolving world of Non-Fungible Tokens (NFTs) faces a crucial challenge: scalability. With growing transaction volumes and user demand, Ethereum, the dominant platform for NFTs, often encounters congestion and high fees. This is where Zora Network, an innovative Layer 2 solution built on top of Ethereum, emerges as a potential game-changer.
What is the Zora Network?
Zora, an NFT marketplace, launched the Zora Network in June 2023. The EVM-compatible Layer 2 blockchain calls itself a “fast, cost-efficient, and scalable Layer 2 built to help bring media on-chain.” Many L2s are currently DeFi-centric, but the Zora Network is an ecosystem that prioritizes NFTs.”
A blockchain is a digitally distributed ledger that records transactions and information over a decentralized network. L1 and L2 blockchains behave differently. Layer 1 (also known as “L1”) blockchains are the most basic kind of blockchains. This means that they provide and validate all transactions on their own, without relying on another blockchain. L1 blockchains include Ethereum, Solana, and Avalanche.
Layer 2 blockchains (also known as “L2” blockchains) serve as scaling solutions for Layer 1s, allowing users to have a more seamless experience with one or more of the following three factors: speed, gas fees, or scalability.
For example, most can increase speed or scalability by processing transactions on their own chain but storing all information on their associated L1 blockchain. Zora conducts many transactions at the same time, which saves time and money on gas.
According to Zora, the Zora Network was built with creators and brands in mind. It is protected by Ethereum and powered by the OP Stack.
What is the OP Stack?
The OP Stack (also known as the Optimism Stack) is a piece of software designed primarily for creating L2 blockchains. It is managed by the Optimism Collective, often known as the “backbone” of the Optimism blockchain. The OP Stack is standardized, shareable, open-source software that allows anyone to establish or support an L2 without reinventing the wheel (or blockchain!).
According to Optimism’s documentation, the OP Stack is primarily concerned with the development of a common, high-quality, and fully open-source infrastructure for establishing new L2 blockchains. The OP Stack can be thought of as software components that either contribute to the definition of a specific layer of the Optimism ecosystem or serve as modules inside an existing layer.
It is recognized as the “bedrock” (the present version of the OP Stack is termed “Optimism Bedrock”) of numerous different L2 blockchains that use it since it facilitates the creation, communication, and security of the L2 chains.
What are the advantages of using the Zora Network?
The Zora Network is a decentralized, scalable Layer 2 blockchain designed exclusively for creators, companies, and artists. Zora highlights the blockchain’s benefits, including a new revenue split arrangement and speedier transaction speeds.
- Revenue Split Model: Zora recently revised its revenue split strategy for NFTs created on their platform. It intends to charge collectors a flat minting cost of 0.000777 ETH per NFT coined (regardless of mint price) and then share that money with creators to encourage them to distribute projects via Zora and the Zora Network.
- Added security: Ethereum provides security for Zora by verifying transactions using a proof-of-stake consensus process.
- Speedy transactions: According to Zora’s documentation, transactions are confirmed in seconds, and new blocks are created every 2 seconds.
Does Zora (the marketplace) operate the Zora Network?
Although Zora, the marketplace, created and released the Zora Network software, it does not manage the Zora Network itself. It is a decentralized blockchain, the Zora Network.
Can I buy a Zora Network NFT on OpenSea like any other NFT?
Yes, customers can now buy Zora Network NFTs through OpenSea. Now that the Zora Network is compatible with OpenSea, there are new NFTs to discover on OpenSea.
You may find Zora Network NFTs on OpenSea.io here.
Do I need a crypto wallet to purchase Zora NFTs?
Yes! MetaMask crypto wallet is compatible with Zora NFTs. Simply add Zora to your MetaMask; here are step-by-step instructions.
Conclusion
The Zora Network is still in its early stages, but it offers a promising glimpse into the future of NFTs. Its focus on scalability, affordability, and creator empowerment sets it apart from existing platforms and could potentially attract a broader user base to explore the unique potential of NFTs. However, challenges such as user adoption and competition from other L2 solutions remain. With further development and ongoing community support, the Zora Network has the potential to become a key player in shaping the future of Web3 and decentralized ownership.
FAQs
Q: What blockchain does Zora use?
A: Zora utilizes two blockchains:
- Primary: Ethereum: Launched in 2021, Zora mainly operates on the Ethereum blockchain for its core marketplace functionality and security.
- Secondary: Zora Network: Launched in 2023, this optional Layer 2 built on Ethereum offers faster, cheaper NFT minting and transactions for creators.
Q: Who is the founder of Zora NFT?
A: Zora NFT’s founder is Slava Kim, a passionate player in the Web3 space. He launched the platform in 2021 with a focus on empowering creators and decentralization. Although he leads the project, it’s worth noting that Zora operates with a strong team that contributes to its success.
Q: What is the most powerful blockchain?
A: The “most powerful” blockchain depends on your perspective. Here are two strong contenders with different strengths:
- Ethereum: Known for its vast developer community and smart contracts, enabling various decentralized applications (dApps) and innovation. But it faces scalability challenges.
- Solana: Boasts impressive transaction speeds and lower fees, offering a smoother user experience. However, it’s a younger platform with a smaller ecosystem compared to Ethereum.
Q: What is Zora Marketplace?
A: Zora, founded in 2020, is an NFT marketplace. Users can list and view digital files such as images, movies, audio, and music, as well as take use of Zora features like drop alerts and notifications.
Q: What’s the world’s smallest blockchain?
A: Mina is the world’s lightest blockchain, driven by participants. Mina is building the foundation for the secure, democratic future we all deserve by relying on zero knowledge proofs.
