On the 5th of May 2022, Los Angeles based startup Zora raised US $50 million from crypto firm Haun Ventures and others to enable anyone to manufacture and sell non-fungible tokens (NFTs).

Coinbase Ventures, Kindred Ventures, and others participated in the round, which valued Zora at US $600 million.

What the founder has to say:

In a blog post, Zora cofounder Jacob Horne stated that the company originated with the shared philosophy that creativity should never be restricted by suits, companies, or institutions.

“We set out to jointly smash the concept that They Thought They Could Own Us. Since then, every member of our community has been fighting to demolish the barriers that have historically prevented us from exercising our creative freedom. We’re thrilled to introduce our newest venture contributor to these initiatives today.

This is an acceleration of public infrastructure for our ecosystem, which helps your progress as artists, developers, and communities. More permissionless code deployed on more chains, stronger APIs, more Zoratopias around the world, and an increase in grants and hackathons is all part of the plan.”

About the company:

Anyone in the world can buy, sell, and manufacture NFTs via the Zora protocol. Unlike other protocols, Zora focuses on intuitive tooling and a broad, active NFT community to allow anyone to establish whole NFT collections, autonomous marketplaces, and experiences, according to the company.

Many record-breaking NFT auctions, such as the Doge NFT (USD 4 million), the first TikTok NFT, Mad Realities, James Jean (US $6 million) Poolsuite, Punks House, and the Warhol Foundation, have been built and sold at Zora.

This, according to Horne, implies more open tooling for the community to develop independence—whether it’s a new collection, a new marketplace, or a new app. 

It means artists and teams will have better access to the tools they need to launch whatever NFT collection they choose, including editions, generative drops, Dutch auctions, and whatever comes next.

Many people are unaware that they are using Zora. Zora solves technical problems by creating simple tools for developers and artists. Over half of the Zora protocol’s volume is traded on marketplaces outside of the Zora website.

To give its community more ownership over Zora, the company is launching the Zora DAO (decentralized autonomous organization). Zora infrastructure will always be permissionless.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.


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