Zora, an Ethereum-based NFT and tokenization platform, is announcing its own cryptocurrency, ZORA, this spring.
The platform, which has been working for years to bring creativity on-chain, will launch its token on Base, an Ethereum layer-2 network.
“What started as an experiment six years ago has now grown into something much bigger,” Zora wrote in a blog post.
Airdrop for the Community
To congrats its users, Zora is giving away 1 billion ZORA tokens (10% of its total supply) through an airdrop to creators, collectors, and developers. Eligibility is based on a snapshot taken on March 3, with another snapshot planned three days before the token launches.
How the Tokens Will Be Used
- 10% for the airdrop
- 20% for community rewards like hackathons and grants
- 45% for the team and key contributors (locked for six months, then released gradually over three years)
More details about token distribution can be found on Zora’s support page.
Zora’s Impact
Since launching, Zora has processed over $376 million in secondary NFT sales and served more than 2.4 million wallets. In June 2023, it launched its own Ethereum layer-2 network to reduce gas fees. More recently, it introduced a feature that lets users easily create and trade tokens on Uniswap, a leading decentralized exchange.
