Zora, the popular platform used by creators and brands to mint non-fungible tokens (NFTs), has launched its own layer 2 blockchain network to support creatives and minimize costs. The Zora Network is secured by Ethereum and built on Optimism’s tech stack, and according to a press release, will make minting on its platform faster, cheaper and more enjoyable with a focus on gas efficiency and scalability. Documents online state that minting an NFT through the network costs less than 50 cents.
Jacob Horne, Zora’s co-founder and CEO, told journalists that as a layer 2, the network is able to experiment with economic mechanisms to subsidize fees for creators. The platform is already supported by over 35 groups and platforms, including sound.xyz, PleasrDAO, and more.
A spokesperson for Zora said that the platform has been building a culture of creativity and community since its inception, putting artists and creators at the forefront of its products. The company has recently integrated new features, including highlighting trending NFT mints, allowing mints with comments, and the ability to customize user profiles, which it says make it the Tumblr for Web3.
Since its founding in 2020, Zora has grown in popularity, reaching over 100,000 monthly active users. According to Crunchbase, Zora has raised a total of $60 million over three rounds, including a $50 million round led by Haun Ventures in May 2022, which gave the startup a $600 million valuation. Other notable investors in Zora include Paradigm, Kindred Ventures, and Coinbase Ventures.