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NFTs News

Zora NFT Launches Layer 2 Network To Fight Ethereum Gas Fees

June 22, 2023 - Around 2 mins mins to read

Key Points:

  • Zora NFT Marketplace announces the launch of Layer 2 after weeks of testing.
  • It is designed to reduce costs and improve user experience for artists and creators.
  • The platform has grown in popularity since its inception in 2020, reaching over 100,000 monthly active users.
Zora NFT has launched its own Layer 2 blockchain network to support advertising and minimize costs.
Zora NFT Launches Layer 2 Network To Fight Ethereum Gas Fees

The Zora network is secured with Ethereum and is built on Optimism’s technology stack. According to the press release, the new network will make minting on its platform “faster, cheaper, and more enjoyable” with a focus on gas efficiency and scalability. According to online documents, minting an NFT over the network costs less than 50 cents.

The Ethereum blockchain secures it, is built on top of Layer 2 scaling network Optimism technology, and is already supported by over 35 platforms – including on-chain music platform Sound, wallet provider Rainbow, and Web3 Thirdweb application toolkit.

Many of the NFTs featured on Zora’s reel homepage sell for under $10 and can even be minted for free. Ethereum network gas fees of a few dollars, or much higher during peak times, can significantly increase overall transaction costs.

Zora NFT Launches Layer 2 Network To Fight Ethereum Gas Fees

Founded by three Coinbase alumni in 2020, Zora NFT Marketplace started as a service that gave musicians and other artists the means to sell digital tokens pegged to physical artifacts such as tapes and music. cassettes. Since then, the startup has focused on building an open-source protocol that allows anyone to stand in the NFT market.

In May 2022, the company raised $50 million in a round led by Haun Ventures at $600 million. Zora NFT has previously likened itself to Shopify or WordPress – companies that provide easy-to-use tools for building online stores and websites – but for NFT and the emerging Web 3 economy. Jacob Horne, CEO and co-founder of Zora, said that Zora had about 130,000 users as of June.

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