In many ways, the Zora NFT marketplace protocol embodies many of the tenets of Web3. In essence, the platform allows people to trade NFTs while leveraging some of the best features of the blockchain. Above all, Zora focuses on shifting the narrative when it comes to the payment artists receive for their work.
If you haven’t heard of Zora before, you’re in the right place to learn about the marketplace and what it offers.
Zora is a blockchain-powered NFT marketplace protocol for creators
As noted above, Zora is more than just an NFT marketplace. In fact, it is actually a media registry protocol. To sum it up simply, Zora makes it possible for creators to put out, and earn money on their work. The key aspect of Zora that relates to its mission, is that it provides creators with far more ownership and freedom than pre-Web3 platforms.
To sum it up simply, the Zora NFT marketplace protocol makes it possible for people to build their own markets around their work. To do this Zora uses a model for creatives to think about how they sell their work that better aligns with the Web3 ethos.
Firstly, creators on Zora only need to make one single token for their work. This is in contrast to other methods of selling an NFT artwork that involves selling copies of the same digital good. Furthermore, with the Zora NFT marketplace protocol creators make the original artwork accessible to everyone to interact with, not just the person who owns it. That token then gets resold as the work grows in popularity. Finally, creators get royalties on every sale of the token.
One way to think about it is that Zora is making something like a Web3 social media platform. The key difference is that with Zora, 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. By the same token, Zora is a zero fee protocol. That means it doesn’t collect any fees whatsoever when people list and sell NFTs.
Zora’s manifesto makes it clear what the platform’s priority is
It’s important to note that because of the way Zora built its NFT marketplace protocol, it harnesses the best qualities of blockchain technology. But what exactly are those qualities? Well, Zora states what these are in the whitepaper for its latest version, Zora V3.
It states, “it never goes down, it’s composable, immutable, universally accessible, and censorship-resistant.” Composable refers to the fact that users of Zora’s NFT marketplace protocol can select and arrange the different components that Zora provides to best suit their needs. Immutable refers to the quality of information put onto the blockchain that means it can never be changed.
Perhaps the most important thing to understand about Zora and its NFT marketplace protocol is in its manifesto. That is to say that the manifesto puts into words the ethos behind Zora. To be sure, Zora is all about creating new avenues for creators. Ones that avoid the exploitative practices of traditional creative industries.
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 that Zora 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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This article is educational material.
As always, make your own research prior to making any kind of investment.
