What is Zora coin?

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What is Zora?

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

On Zora, each profile represents an asset called a “Creator coin.” Users can support creators by purchasing these coins. Profile owners can also turn their content into digital tokens. The more attention their content attracts, the higher the value of their tokens.

Zora Founder

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

How Does Zora Work?

Zora operates by combining social media dynamics with decentralized finance (DeFi) infrastructure. It adopts an economy centered around creators. This approach transforms social interactions and profiles into assets that can be bought and sold on the blockchain.

Profile tokens, known as creator coins, are ERC-20 assets with a fixed total supply of one billion. On Zora, creators do not hold all the coins of their profiles. Instead, 50% of the total supply is transferred to the creator over five years.

Content coins are assets formed by converting created content into tradable assets. The platform increases interest in a creator’s content by linking it to their profile. As a result, the value of the creator coin associated with the profile increases.

What Is ZORA Coin?

ZORA coin is the service token of the Zora platform. It operates on the Base blockchain. The token is used for rewards and transaction fees. Among the possible transaction fees is the amount required when content coins are created.

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

Having both creator coins and ZORA coins on the platform can cause some confusion among users. Understanding the key difference is also important for comprehending the project’s economic structure. Creator coins are assets tied to user profiles, each profile has its own creator coin. ZORA, on the other hand, can be considered the cryptocurrency representing the entire platform.

How to Buy ZORA Coin

To purchase ZORA, you first need to create an account on a cryptocurrency exchange. Then, complete the identity verification process for your account. You must have a balance in your wallet to complete the purchase. If you don’t have a balance, you can choose payment methods such as bank transfer or credit card.

Steps to purchase:

• On the homepage, click on the “Buy/Sell” or “Markets” option at the top of the screen. You can search for ZORA to proceed with the purchase.
• On the Buy/Sell page, click the “Buy” button to start your transaction.
• Enter the amount in Turkish lira you wish to spend on the purchase. After deciding how much you want to deposit, you can confirm the transaction.
• In the final step, click the “Buy” button once more to confirm the transaction. Your cryptocurrency purchase will be executed immediately, and the purchased crypto assets will be credited to your account shortly.