Zora NFT Marketplace is a platform focused on creators. Responsible for some of the rising stars in web3, it solidified its name into web3 history. Above all, Zora focuses on shifting the narrative when it comes to the payment artists receive for their work.
Whether you are a creator or NFT collector, you should definitely know about the Zora NFT Marketplace.
What is Zora NFT marketplace?
Zora is more than just an NFT marketplace , it is also a media registry protocol. To sum it up simply, Zora makes it easier for artists to collect royalties on their work. Meanwhile, the platform also gives them exposure and helps them build communities. Supporting that, in its manifesto Zora claims it is all about creating new avenues for creators. Namely, ones that avoid the exploitative practices of traditional creative industries.
One way to think about it is that Zora is making something like a Web3 social media platform. The key difference is that creators get paid for their work. And the more popular their work becomes, the more they stand to directly benefit. Clearly, this is a paradigm shift from the engagement economy of Web2 social media platforms.
What Blockchain Is Zora Built On: Is it Ethereum?
Yes! Zora uses the Ethereum Blockchain. Every NFT is available to buy with ETH.
What are the fees on Zora?
Zora is a zero fee protocol. That means it doesn’t collect any fees whatsoever when people list and sell NFTs. This, it does to support creators in the web3 space. However, while it doesn’t charge marketplace fees, users are still subject to Ethereum’s NFT gas fees.
How to buy NFTs on Zora
There are 3 ways to buy an NFT on Zora and each of them are slightly different:
Buying an NFT in a reserve auction
If you buy an NFT in a reserve auction, you must place a bid on the item that is 5% higher than the previous bid. Then, you have to keep an eye out and make sure no one bids higher than you! Bear in mind, if you meet the reserve, you will not be able to remove your bid.
Buying an NFT with a “Buy now” price
For an NFT tagged “Buy Now”, all you have to do is click “Buy NFT”. The transaction window will pop up and you can buy your NFT straight away!
How to place an Open Offer
An open offer is a method of placing a bid on an unlisted NFT. While this may not always secure you a purchase, it can be a great way of getting a good deal!
How do I sell NFTs on Zora Marketplace as a creator?
To sell your own NFTs on Zora, you’ll need its Creator Toolkit. To explain, the creator toolkit allows users to publish and control their own smart contracts without any coding skills at all.
The creator Toolkit gives artists 2 choices: Drops or Editions.
Drops are collections in which each NFT can have differing artworks and metadata. In short, Zora Drops work like most generative NFT collections do.
Editions are collections of identical NFTs at a fixed price. These are similar to the editions on Manifold, where creators can decide on a set number of “editions” or “copies” at a fixed price. With this feature, you can limit the number of editions available to mint or release an Open Edition. The choice is yours!
What is Zora v3?
Zora v3 guarantees artists royalties on chain. It also uses an architecture which allows for the Zora DAO to deploy new market types and updated versions. To explain, this means the DAO can suggest and deploy changes to the marketplace. As another great incentive for NFT folk, they also offer a “Finders Fee”. This allows users to create links to artwork that give a reward to those who “find” buyers for NFTs. If anyone uses your link to buy an NFT, you get paid!
In choosing its features, Zora v3 harnesses the best qualities of blockchain technology. In its whitepaper for its latest version, Zora V3, it states,
“it never goes down, it’s composable, immutable, universally accessible, and censorship-resistant.”
Similarly, Zora v3 uses blockchain technology to provide a stunning NFT platform focused on uplifting creators. All in all, it is great to see the growth of pro-creator platforms in the Web3 space. Without a doubt, the NFT marketplace protocol it provides is a shining example of what is possible for artists leveraging the blockchain. With the rise in NFT marketplaces, it’s easy to see the future of specialising and focusing on a target group.
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All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.