Zora is a cryptocurrency project and a community-based platform for non-fungible tokens (NFTs). It allows users to buy, sell, and trade goods that are of limited edition in nature. The marketplace was founded in 2020 by Dee Goens and Jacob Horne, allowing communities to participate in brands they love. Their core vision is to empower the creators to benefit more and control their work. Creators and brands get all the value of the goods they create and sell. Zora is a specialized marketplace promoting the creation and exchange of culture. All goods at Zora are listed as tokens which is an advantage to both creators and buyers.
The tokens are priced dynamically, i.e., the price of the goods changes based on supply and demand. If many people buy something, the price goes higher and vice versa. Users can purchase a popular item early at a lower price and sell it later at a significant profit. Users also buy and sell item fractions to test the item's value, and the Zora community buys from the creator and sells goods before they are ready for shipping.
Zora's essential product is a market allowing creators or artists to launch products and then continue participating and benefitting in their secondary market value. Since the platform is Ethereum based, artists can mint, i.e., release music on the Ethereum blockchain as a token or an NFT. Zora conducts a digital art auction of original works from artists. Fellow artists and Individuals on the platform then bid for the token, and the artist earns through the tokens received. Any artist can provide an incentive to the buyers by promising a reward to the highest bidder. However, the platform is invite-only; hence new users need to be invited by an existing artist to join.
Thanks to Zora, artists can now operate as a community, promoting each other's work. They do not receive anything from the promotion of their fellow artists' work. Since they support each other as a community, they benefit from that creation source when secondary buyers promote their work. In the process, artists invest in their future works and build a name, brand, and community. Artists can therefore bank on the community members to promote their future jobs. They eliminate financial intermediaries and make profits from their work based on demands of mass popularity.
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Zora uses Ethereum-based community tokens, the $SRAC token. The tokens solve the challenge of physical goods and even digitally packaged works as finite containers of value. The ticket has multiple uses:
- It unites users across multiple social platforms.
- The token increases value in the artwork where an artist can own and distribute the work themselves. Currently, users can only earn SRAC, not purchase them, but soon they will buy it.
- It places the art's value in the Artist's universe, rather than being spun out into currency, i.e., the token would incentivize fans of the artists, buy earning them once they listen to an artist's mixtape
- Allow more flexibility for creators whose work doesn't fall so neatly into package-able categories.
Zora is a visionary marketplace, which seeks to offer freedom to artists. It is an Ethereum-based blockchain; therefore, it uses Ethereum for its transactions and an additional community token, the $SRAC token. Artists have a chance to benefit from their art at Zora.