NFT Marketplace Project Zora Network Launches Layer-2

The NFT market is booming, but it also faces some challenges. One of them is the high cost and slow speed of transactions on the Ethereum blockchain, which powers most of the NFT platforms. This can limit the accessibility and scalability of the NFT space, especially for artists and collectors who want to create and trade digital assets without breaking the bank.

That's why Zora, an NFT minting platform, launched its own Ethereum layer-2 scaling network on June 21, 2023. Dubbed Zora Network, it is designed to lower costs and improve the user experience for artists and creators alike. In this article, we will explain what Zora Network is, how it works, and how you can use it to mint and buy NFTs.

What is Zora Network and why it matters

Zora Network is a new layer-2 blockchain solution that aims to provide improved digital infrastructure for the artists and brands that have used Zora's platform in the past. Zora is an open-source protocol that allows anyone to create their own NFT marketplace with customizable features and tools. Founded by three Coinbase alumni in 2020, Zora has attracted over 100,000 monthly active users and raised $50 million in a funding round led by Haun Ventures.

Zora Network is built on top of the Ethereum blockchain, which means it inherits its security and decentralization. However, it also leverages the technology stack of Optimism, a layer-2 scaling network that reduces the workload of the Ethereum mainnet by processing transactions off-chain. This way, Zora Network can offer lower fees and faster transactions for its users, while still settling them on the Ethereum mainnet for finality.

Benefits of Zora Network for NFT creators and collectors

Zora Network offers several benefits for the NFT community, such as:

- Lower costs and faster transactions: According to Zora's CEO Jacob Horne, Zora Network makes minting 25 times cheaper compared to Ethereum. He also said that the network can handle thousands of transactions per second, compared to Ethereum's 15 transactions per second. This means that users can mint and buy NFTs without worrying about high gas fees or long wait times.

- Support from Web3 ecosystem and partners: Zora Network is not a standalone project, but rather a collaborative effort with over 35 Web3 entities that support its vision and mission. These include on-chain music platform Sound.XYZ, wallet provider Rainbow, Web3 app toolkit Thirdweb, and PleasrDAO, a decentralized autonomous organization that collects rare NFTs. These partners will help integrate Zora Network with their platforms and services, creating a more interconnected and vibrant NFT space.

- Enhanced user experience and features: Zora Network also aims to improve the user experience and features of its platform by enabling more experimental and creative possibilities for NFTs. For example, users can mint dynamic NFTs that change over time or based on external data sources, such as weather or sports scores. Users can also access exclusive content or perks from their favorite artists or brands by holding their NFTs.

How to use Zora Network to mint and buy NFTs

If you are interested in using Zora Network to mint or buy NFTs, here are some steps you can follow:

- Step 1: Visit https://zora.co/ and connect your wallet. You can use MetaMask, Rainbow, or any other wallet that supports Ethereum.

- Step 2: To mint an NFT, click on "Create" at the top right corner of the homepage. You will be redirected to a page where you can upload your file (image, video, audio, etc.), enter a name, description, price, quantity, royalty percentage, and other details. You can also choose to make your NFT dynamic by adding a script that defines its behavior.

- Step 3: Once you are done, click on "Preview" to see how your NFT will look like. If you are satisfied, click on "Mint" to confirm the transaction. You will need to pay a small fee in ETH to mint your NFT on Zora Network. The fee will vary depending on the network congestion and the complexity of your NFT.

- Step 4: To buy an NFT, browse the Zora homepage or use the search bar to find the NFT you want. You can also filter by category, price, popularity, and other criteria. Click on the NFT you like and you will see its details, such as its creator, owner, history, and metadata. You can also see the current bid or offer for the NFT, and place your own bid or offer if you want to buy it.

- Step 5: If you agree to the price, click on "Buy now" or "Accept offer" to confirm the transaction. You will need to pay the amount in ETH plus a small fee to buy the NFT on Zora Network. The fee will vary depending on the network congestion and the size of your transaction.

Conclusion

Zora Network is a new layer-2 blockchain solution that aims to make the NFT market more accessible and scalable for artists and collectors. By reducing costs and increasing speed, Zora Network offers a better user experience and more creative possibilities for NFTs. Zora Network is also supported by a strong Web3 ecosystem and partners that will help integrate it with other platforms and services. If you want to mint or buy NFTs on Zora Network, you can visit https://zora.co/ and follow the steps we outlined above.

# FAQs

1. What is Zora?

Zora is an open-source protocol that allows anyone to create their own NFT marketplace with customizable features and tools.

2. What is Zora Network?

Zora Network is a layer-2 blockchain solution that lowers costs and improves speed for minting and buying NFTs on Zora's platform.

3. How does Zora Network work?

Zora Network works by processing transactions off-chain using Optimism's technology stack, while still settling them on the Ethereum mainnet for security and finality.