Since the emergence of the NFT as a part of the crypto sector, we have seen many platforms offering various kinds of NFTs. One of the most prominent currently is Zora NFT marketplace, i.e., Zora NFT platform on which we will focus on this piece of writing.
Zora NFT Marketplace
It represents the media registry protocol. It’s a means for creators to publish works of art, earn money on their creations, and have others share their creations. This media is based on a protocol and happens without the lock-in of social media platforms.
Zora NFT marketplace seeks to offset the cost of Ethereum emissions through a dedicated carbon offset.
NFTs have a significant energy cost, as they are usually found on the Ethereum blockchain.
Zora NFT supports a wind farm in Honduras and a project called Agrocortex, which works to protect the Amazon rainforest.
The Zora NFT market is chipping away at Ethereum’s ecological footprint with a carbon offset of 50 tons.
The company said it paid an offset of 20 tonnes of CO2e from the Cerro de Hula wind farm in Honduras and an offset of 30 tonnes from the Agrocortex Redd project – a carbon offset effort aimed at protecting the Amazon rainforest.
Zora offers in NFT cryptographically secured assets on the Ethereum blockchain, which can take the form of digital art, music, or other collectibles. In recent months, they’ve become a trendy investment: Grimes just sold a collection for $6 million, and digital artist Beeple made an equally insane amount of money on NFTs in December.
And like most Ethereum-based crypto projects, NFTs come at a high environmental cost.
Ethereum operates through a proof-of-work consensus mechanism, incentivising massive burning amounts of energy to “mine” new tokens. According to Digiconomist’s Ethereum Energy Consumption Index, the average Ethereum transaction uses 54 kWh.
This is for a single click. When factoring in trading and “open edition” NFTs that allow unlimited typing within a set window, costs begin to rise. And most crypto mining occurs in China, which remains heavily dependent on coal.
Zora NFT Marketplace Main Characteristics
Originally, Zora NFT was based on the same principle of an artist invitation platform as Foundation. However, it has since opened up to everyone. It is very popular for its ease of use, which allows perpetual auctions. It is, therefore, possible here to bid in any currency.
One of Zora’s goals is to give artists and creators more ownership and autonomy over their creations.
The platform also allows the purchase of physical items for superfans. For example, Nike Jeff Staple sells limited-edition sneakers there.
Characteristics
- Type of NFT: art, music, animation, web, text, media.
- Blockchain: Ethereum.
- NFT marketplace supports artists and creators of all kinds.
- Purchase of NFT and physical collections.
Zora NFT – Zora Registry Protocol
Zora is a protocol created for the Ethereum blockchain that establishes universal, perpetual markets for digital works in the form of NFTs. This platform basically works like other NFT marketplaces. However, Zora does well by allowing NFT creators and buyers to decide with which cryptocurrency they wish to sell or acquire the work.
As Zora Protocol is therefore based on Ethereum, any ERC-20 token can be used to buy an NFT, such as the stablecoin USDT or ETH. On the creators’ side, they receive a share of the sale price of their NFT for each resale between users. This protocol brings many new features from a technical point of view for developers, which can be viewed here.
Since its deployment, Zora has acquired an important ecosystem that is just waiting to be exploited. A governance token could emerge if the platform continues to develop. This one being still relatively unknown to the general public, it could be that it seeks to reward its first users.
How to Mint an NFT on Zora Marketplace
Suppose you want to mint an NFT Zora Navigate to zora.co. Then, click “Sign In” in the upper-right corner of the page.
This may also read as “Connect Wallet” if you are signing for the first time). In the ensuing “Connect Wallet” prompt, select your wallet. The wallet will prompt you with a signature request.
Zora Marketplace Focus
As mentioned above, Zora Marketplace focuses on empowering creators to create their own market, instead of pouring proceeds of their work into slick resellers’ pockets.
Layout of Zora Marketplace
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Zora Marketplace’s browse section. The default setting seems to be that the most recently minted NFTs appear first. It is possible to use the general search field to find NFTs, but we can’t seem to find any sorting or filtering tools. These will surely be added in the near future to facilitate the user’s navigation among all available NFTs.
Zora Marketplace Fees
When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT’s sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.
Unfortunately, we have not been able to find what fees Zora Marketplace charges a buyer when purchasing an NFT. We have asked the marketplace about this and we will update this review with the correct information as soon as we have received it from them.
Zora Marketplace Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.
Zora Marketplace is not one of them. In order to use this particular platform, you will need to get ETH first. You can do so on almost any of the crypto exchanges in the world, Binance being one of them.
