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The Zora Network is an NFT-focused Layer 2 blockchain launched in 2023, secured by Ethereum and powered by the OP Stack. As of July 2023, OpenSea is compatible with the Zora Network.
What is The Zora Network?
Zora, an NFT marketplace, released the Zora Network in June 2023. The EVM-compatible Layer 2 blockchain describes itself as a “fast, cost-efficient, and scalable Layer 2 built to help bring media onchain. Many L2s are currently DeFi centric whereas The Zora Network is an ecosystem that puts NFTs first.”
As a refresher, a blockchain is a digitally distributed ledger that records transactions and information across a decentralized network. L1 and L2 blockchains function in different ways. Layer 1 (also called “L1”) blockchains are base-level blockchains. This means that they provide and verify all transactions on their own without depending on any other blockchain. Some examples of L1 blockchains are Ethereum, Solana, and Avalanche.
Layer 2 blockchains (also known as “L2” blockchains) blockchains act as scaling solutions for Layer 1s to facilitate a smoother experience for users on one or all of these three factors — speed, gas fees, or scalability.
For instance, most can amplify speed or scalability because they process transactions on their chain but store all information on their partnered L1 blockchain. Zora processes multiple transactions simultaneously, which helps cut down on processing time and associated gas fees.
Per Zora, the Zora Network was developed with creators and brands in mind. It is secured by Ethereum and powered by the OP Stack.
What is the OP Stack?
The OP Stack (or Optimism Stack) is software primarily used to create L2 blockchains. It is run by the Optimism Collective, known as the “backbone” of the Optimism blockchain. The OP Stack is standardized, shared, open-source software that makes it easy and accessible for anyone to use to create or support an L2 without having to reinvent the wheel (or blockchain!).
According to Optimism’s documentation, “The OP Stack is primarily focused around the creation of a shared, high-quality, and fully open-source system for creating new L2 blockchains. The OP Stack can be thought of as software components that either help define a specific layer of the Optimism ecosystem or fill a role as a module within an existing layer.”
It’s known as the “bedrock” (the current version of the OP Stack is dubbed “Optimism Bedrock”) of multiple different L2 blockchains that use it since it supports the building, communication, and security of the L2 chains that utilize it.
What are the benefits of using The Zora Network?
The Zora Network is a decentralized, scalable L2 blockchain developed specifically for creators, brands, and artists. Zora touts a new revenue split model and faster transaction times as benefits of the blockchain.
Revenue split model
Zora recently updated its revenue split model for NFTs created using their platform (which by default are now on the Zora Network). It plans to charge collectors a flat minting fee of 0.000777 ETH per NFT minted (regardless of mint price) and then split that fee with creators to incentivize them to release projects through Zora and on the Zora Network.
Added security
Zora is secured by Ethereum, which uses a proof-of-stake consensus mechanism to verify transactions.
Speedy transactions
According to Zora’s documents, it states that transactions are confirmed in seconds, and new blocks are formed every 2 seconds.
Does Zora (the marketplace) operate The Zora Network?
Although Zora, the marketplace, developed and released the Zora Network software, Zora does not operate the Zora Network itself. The Zora Network is a decentralized blockchain.
Can I buy a Zora Network NFT on OpenSea the way I would buy any other NFT?
Yes, users can now purchase Zora Network NFTs using OpenSea. Now that The Zora Network is compatible with OpenSea, it means that there are new NFTs to explore on OpenSea.
You can find Zora Network NFTs on OpenSea.io here.
Do I need a crypto wallet to buy Zora NFTs?
Yes! If you’re a MetaMask crypto wallet user, it is compatible with Zora NFTs. You’ll just need to add Zora to your MetaMask; here are step-by-step instructions.
🧠 Q&A
Web3 technology is still new and constantly evolving, so while no single action guarantees protection, there are best practices that can help. The best rule of thumb is that if something looks too good to be true, it probably is. Never share your wallet’s seed phrase, be careful when taking actions using your wallet, and make sure to thoroughly evaluate NFTs before buying.
OpenSea also has an icon visible via a blue checkmark badge on a collection or account. A blue checkmark badge on an account means that account has been verified. A blue checkmark badge on a collection means the collection belongs to a verified account and has significant interest or sales. (OpenSea does not endorse verified accounts or badged collections, and OpenSea makes no representations regarding the NFTs in a verified account or badged collection.)
OpenSea makes no representations or guarantees regarding the collections highlighted in this article. Users must do their own research and use their own judgment before buying any NFT, including those included in the collections highlighted in this article. The descriptions of the collections highlighted in this article were adapted from descriptions provided by the NFT creators, not OpenSea.
NFTs operate on blockchain technology, making it possible to verify their ownership and easily transfer them from one owner to the next. Ethereum, Solana, and Klaytn are three examples of blockchains that store NFTs.
A blockchain is a digitally distributed ledger that records transactions and information across a decentralized network. Most blockchains are verified by many nodes (read: computers), which is why you’ll hear them described as “decentralized.” Different blockchains may verify their transactions using different methods but ultimately operate similarly.
Blockchain technology allows users to easily transfer, collect, and verify their NFTs. The provenance of an NFT is one of its biggest advantages.
In web3, the term “gas fee” refers to the payment needed to execute transactions on the blockchain. Gas fees increase when more people use applications that run on top of a blockchain’s network, therefore competing for space within the block. Think of it like Uber’s surge pricing model that increases the cost of booking a ride during the busiest commuting times. OpenSea also doesn’t control gas fees, set gas fees, or receive any of the gas fees incurred by users on the platform. Instead, they all go to network validators or miners.
When you start the NFT purchase process using OpenSea, you’ll see the gas fee broken down by your wallet provider, so you can watch the fee refresh and complete the transaction when it’s low.
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