What is Zora Token? An in-depth explanation of the ZORA project and creator economy

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What is Zora?

Zora is a decentralized social media platform. The project’s cryptocurrency is ZORA coin. Its goal is to transform social media profiles and content into tradable financial assets.

On Zora, each profile represents an asset called “creator coin.” Users can support creators by purchasing coins within these profiles. Profile owners can also turn their content into digital tokens. In this regard, the higher the attention attracted by the content, the higher the value of its tokens.

Who are the founders of Zora?

Zora was founded by Jacob Horne, Tyson Battistella, and Dee Goens in 2020.

How does Zora work?

Zora operates by combining social media dynamics and decentralized finance(DeFi) infrastructure. It adopts a creator-centric economic model. This approach transforms social interactions and profiles into assets that can be traded on the blockchain.

The profile tokens called creator coins are ERC-20 assets with a fixed total supply of 1 billion. On Zora, creators who own profiles do not receive all tokens at once. Instead, 50% of the total supply is gradually transferred to creators over 5 years.

Content coins are created by turning generated content into tradable assets. As the attention to creator content increases on the platform, it becomes associated with the creator’s profile. Consequently, the value of the creator’s coin increases.

What is ZORA coin?

ZORA coin is the utility token of the Zora platform. It operates on the Base blockchain. The token is used for rewards and transaction fees. Possible transaction fees include the amount required to create content coins.

The total supply is 10 billion ZORA tokens. Of these, 20% is allocated for community incentives, 10% for airdrops, and 5% for liquidity.

The presence of both creator coins and ZORA coins on the platform may cause some confusion for users. Understanding the fundamental differences between the two is also important for grasping the project’s economic structure. Creator coins are assets belonging to user profiles. Each profile has its own creator coin. ZORA can be viewed as a cryptocurrency representing the entire platform.

How to buy ZORA?

To buy ZORA, you first need to create an account on a cryptocurrency exchange. Then, complete the identity verification process for the created account. To complete the purchase process, your wallet must have a balance. If there is no balance, you can choose payment methods such as bank transfer or credit card. After depositing funds, you can purchase the desired amount of assets.

How to purchase ZORA coins?

Steps to buy ZORA coins through an exchange:

• At the top of the exchange homepage, click on “Buy/Sell” or “Market” options. Then, enter ZORA in the search bar to purchase.
• On the buy/sell page, click the “Buy” button to start. At this step, if you do not have an existing account, you need to create one; if you do, just log in.
• Enter the fiat currency amount you decided for the purchase and proceed. Once you’ve decided the deposit amount, you can confirm the operation. The exchange will automatically check your account balance. When sufficient balance exists, the operation completes. If not, you can load the required amount using deposit options.
• In the final step, click the “Buy” button again to confirm. The cryptocurrency purchase is executed immediately, and the purchased crypto will be transferred to your account within a short time.

Disclaimer: This article does not contain investment advice or recommendations. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.