Potential Airdrop from Zora
Similar to other NFT marketplaces in the DeFi space, Zora is an NFT minting platform used by creators and brands to mint Non-Fungible Tokens (NFTs) on the Ethereum, Optimism, Base Mainnet and Zora Network. Undoubtedly, the high gas fees on Ethereum have been a major obstacle to the widespread adoption of Web 3.0 technologies and applications. Recognizing this challenge, Zora has taken the initiative to address the issue and make NFT platforms more accessible to users.
To achieve this goal, Zora launched its own layer 2 (L2) network in June 2023, aptly named the Zora Network. It is designed to be fast, cost-efficient, and scalable, aiming to facilitate the onboarding of media onto the blockchain. Built on the open-source OP Stack, Zora Network empowers artists to seamlessly publish and sell their work on-chain. One of its key benefits is the reduction of costs, with transactions being confirmed in seconds and the minting of NFTs costing less than 0.50 USD.
Tweet from Zora’s CEO
The platform's popularity has grown considerably since its founding in 2020, attracting over 100,000 monthly active users. Zora's financial progress is equally as impressive, having secured a total funding of 60 million USD over three rounds, with the most recent being a 50 million USD investment led by Haun Ventures in May 2022, propelling the startup's valuation to 600 million USD.
In an interview with Bankless, Jacob Horne, the co-founder of Zora, discussed various aspects of the network that indicate the possibility of an airdrop in the future. He emphasized the importance of community ownership, calling it a "huge superpower of crypto," and spoke positively about using tokens to meaningfully decentralize the network. His mention of DAO components shows interest in democratic governance, and the idea that tokens are part of the long-term vision for Zora suggests a planned or considered integration. Furthermore, his attention to token models that promote a decentralized organization, and his overall positive attitude towards tokens in general, signal a strong alignment with the principles of decentralization and community ownership. Together, these points make it clear that tokens play a significant role in Zora's philosophy and plans, and an airdrop could well be the method they use to introduce tokens to the community, thus enhancing the core values they have expressed.
Furthermore, Zora's documentation outlines their "Rewards Programs" under the "Terms of Service." As part of these programs, Zora encourages users to engage with their services by offering incentives and rewards. These rewards may include airdrops of cryptocurrency assets.
The statement, "Zora, in its sole discretion, may offer you certain incentives and rewards for your use of the Services, which may include, but not be limited to, airdrops of crypto assets to the Wallet used on the Services," clarifies that airdrops are one of the potential rewards or incentives that the network may provide. However, it is essential to note that Zora might also offer other types of rewards or incentives, meaning that airdrops are just one example among several possibilities.
Rewards programs section
Based on the hints provided, it appears likely that Zora may airdrop ZORA tokens to early adopters, as a common approach in DeFi projects to incentivize and reward early supporters. Such a move aligns with Zora's vision of community ownership and decentralization by distributing tokens to those who have contributed to the project's growth from its inception. While the specific details, including whether an airdrop will occur in the first place, remain uncertain, it would be prudent to position yourself well now in order to ensure eligibility for a potential airdrop if one is confirmed. Taking proactive steps now could maximize the potential benefits from the platform's rewards programs, considering the information presented in the documentation, the Jacob Horne interview, and the company's vision.
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To optimize your position and make the most of the potential ZORA token airdrop, follow these steps.
Summary of the steps
Step 1 - Add the Zora Network to your wallet
Step 2 - Bridge ETH from the Ethereum mainnet to the Zora Network mainnet (*)
Step 3 - Create a Single-Edition (ERC-721) (*)
Step 4 - Mint NFTs on Zora Network (*)
Step 5 - Collect an ENERGY NFT from “THE SOURCE OF LIGHT” collection
Step 6 - Join their social media
*Mandatory tasks that should be repeated weekly, more info in the analyst tips section
Estimated time: 15 minutes
Airdrop: Token confirmed, potential airdrop
Cost: Minimum required to get started between 500 - 1,000 USD
Fees: From 10 USD onwards (may vary)
Add the Zora Network to your wallet
First, you'll need to add the Zora Network into your wallet, and this can be done via ChainList. If you haven't come across ChainList before, it serves as a directory for Ethereum Virtual Machine (EVM) networks. It's a platform that compiles information from various networks, allowing you to effortlessly connect any of them to your wallet. Most of the wallets that support a connection to EVM networks should be compatible with ChainList. So, here's how to do it:
- Visit the ChainList website and connect your wallet
- Once your wallet is connected to the ChainList page, locate the list of available networks
- Look for the Zora Network option within the network list
- Click on "Add to your wallet“ and for this example, we will use MetaMask, as it is the most commonly used wallet to interact with ChainLink. However, you can also use other EVM wallets such as Trust Wallet, Frame, Taho wallet or any other supported Ethereum wallet
- Follow the on-screen instructions to add the network to your wallet
- Congratulations! You have successfully connected the Zora Network to your wallet
You also have the option to manually add Zora Network’s details into your wallet by accessing their Network Details section.
Adding Zora Network to your wallet
Bridge ETH from the Ethereum Mainnet to the Zora Network Mainnet
To bridge ETH from the Ethereum mainnet to the Zora Network mainnet, follow these steps:
- Visit Zora’s website and locate the circular button next to "Create"
- Choose the amount of ETH you wish to deposit on the Zora Network
- Click on "Bridge to Zora" and carefully follow the instructions provided by your on-screen wallet device
- After the transaction has successfully been processed, you will receive a notification confirming the completion
- Refresh the website, and by clicking on the same circular button, you will find your new ETH balance on the Zora Network
To withdraw your funds, follow these steps:
- On the same page, click on the circular button again and then click on "Withdraw"
- Navigate to the "Zora Network Dashboard" and ensure your wallet is connected
- Click on "Withdraw" once again
- Select the desired amount of ETH you wish to withdraw from the Zora Network
- Click on "Withdraw" to finalize the process
- That's it! Your funds will be withdrawn from the Zora Network
Withdrawals on the Zora Network to Ethereum mainnet may take up to 7 days due to the underlying technology it utilizes, which is the OP Stack from the Optimism Network. The Optimism Network employs Optimistic Rollup technology, and the 7-day delay for withdrawals on Optimistic Rollup is a precautionary measure to allow sufficient time for the publishing of fraud proofs and the possibility of canceling any potentially fraudulent withdrawals. This delay is an integral part of the challenge process, ensuring that all claims go through rigorous validation before being considered valid.
Click on the circular button
Bridging from Ethereum mainnet to Zora Network
Your new ETH balance on the Zora Network
Withdrawing from Zora Network to Ethereum
Create a Single-Edition (ERC-721)
For a better understanding, a Single-Edition (ERC-721) refers to a specific type of NFT collection that follows the ERC-721 standard, It is one of the most common and widely adopted standards for creating NFTs on the Ethereum blockchain. A "Single-Edition" collection means that there is only one NFT in the entire collection, making it a one-of-a-kind piece of digital art or collectible. This single NFT cannot be replicated or reproduced, hence its uniqueness and exclusivity. Single-Editions have their own smart contract on the blockchain, and a dedicated mint page where users can mint a single NFT from that collection. By using this mint page, users can interact with the contract and create the one and only NFT associated with that specific Single-Edition collection.
To create a Single-Edition (ERC-721) on the Zora Network, follow these steps:
- Visit Zora’s website and ensure that your wallet is connected
- Locate the "Create" button in the top right corner to explore the contract types available for starting your collection
- Click the "Edition" button to proceed with inputting your collection details
- Fill in the required information in the provided fields to create your first Single-Edition (ERC-721)
- For a comprehensive guide on how to create your Single-Edition (ERC-721), refer to the step-by-step instructions provided in this Zora guide
- You can visualize your minted NFT on the “Zora’s Profile” section
- Apart from creating a Single-Edition (ERC-721) on Zora, you can also create other types of collections, such as Multi-Editions (ERC-1155) and Drops (ERC-721)
Mint NFTs on the Zora Network
Start by exploring these two options, then, once you find a collection you like, navigate to the mint page of that collection while ensuring that your wallet is connected. Simply select the collection of your preference and click on "Mint." You will then have the option to choose the number of identical NFTs you want to mint, or you can enter a custom quantity. After making your selection, click on "Mint" again, and you're all set! To verify your transaction, you can always check the Zora Explorer.
- Minting fee: Each NFT you mint will incur a fee of 0.000777 ETH. Please note that this fee applies to each NFT individually and not to the entire transaction
- Transaction cost: Apart from the minting fee, there will be a transaction cost of up to 0.50 USD associated with the process.
- Recommended NFTs you can mint: Zora’s team has recommended minting the "Gitcoin Impact Report 01" NFT, which they mentioned on their official X account
Zora Network Early Contributor collection
Minting Zora Network Early Contributor collection
Collect ENERGY NFTs from “THE SOURCE OF LIGHT” collection
On Zora, the "Collect" feature enables users to purchase NFTs from the secondary market through a creator's mint page. Once a collection has been fully minted on Zora, meaning that all NFTs in the collection have been created and are no longer available for direct minting from the creator, the "Collect" button will appear on the collection's mint page.
To acquire an ENERGY NFT, follow these steps:
- Visit the ENERGY NFT page on Zora
- Look for the "Collect" button on the mint page, which indicates that the collection is fully minted out
- Click on "Collect" to proceed with the purchase
- On the purchase page, specify the quantity of ENERGY NFTs you wish to collect
- Once you have made your selection, click on "Collect" again to confirm the transaction
- Now, your wallet will prompt you to confirm the purchase. Proceed with the confirmation
- After a successful transaction, you will receive a confirmation on your screen that the ENERGY NFT has been acquired
Collecting ENERGY NFT
ENERGY NFT minted
To verify that you have successfully acquired your ENERGY NFT:
- Visit the Zora Explorer
- Paste your wallet address in the provided field
- Click on "Tokens" to view the NFTs associated with your address
- Look for the "THE SOURCE OF LIGHT" collection name, where you should find your newly acquired ENERGY NFT
Verification on the Zora Explorer
Join their social media
Apart from completing the weekly tasks, you can stay informed about Zora’s news and potential airdrop announcements by actively engaging with their social media platforms. The primary channels to follow for updates are their X and Discord Server.
To receive even more valuable insights, we also recommend you follow Jacob Horne on X. He often shares important information about Zora Network and its ongoing developments.
Though there might not be numerous activities at the moment, by performing the tasks mentioned earlier and staying connected through social media, we have covered the keyways to engage with Zora’s platform and optimize your positioning in order to make the most of this potential airdrop.
- Engaging with the platform weekly is crucial for maximizing your opportunities. Strive to engage in transactions of considerable value, preferably within the range of 500 USD to 1,000 USD, particularly when bridging funds from the Ethereum mainnet to the Zora mainnet
- You should also keep an eye on Zora's X profile for occasional opportunities to mint NFTs from their cheap collections. If possible, try to mint 2-3 collections per month. Bridging, creating, and minting NFTs are the primary tasks you should focus on within the platform
- If you have concerns about granting access to your funds, you can use the REVOKE platform to revoke approval transactions after completing your tasks. Follow the step-by-step tutorial provided for assistance
- To optimize your transactions and reduce fees when sending ETH from Ethereum mainnet to Zora mainnet, use tools like the Ethereum Gas Tracker to monitor real-time gas fees
- Another useful tool is the ETHGas Alerts application. This app sends notifications when the gas value in gwei meets the threshold set by the user. You can configure multiple alerts, and when the gas fee exceeds or falls below the specified value, you will receive push notifications on all your registered devices. This way, you can stay on top of things and make informed decisions about transaction timing
- Be cautious of scams, fake profiles, and counterfeit announcements. Always verify information with official profiles and credible sources to avoid falling victim to fraud
For increased chances of receiving potential airdrops, remember that you will need both time and a significant financial outlay. Eligibility for airdrops is typically based on active involvement and transaction volume within the ecosystem. Follow the steps outlined in this guide at least three times per week to maintain an active presence and increase your likelihood of receiving potential rewards.
Why it's worth interacting with the Zora platform:
- Innovative Layer 2 Network: Zora's development of the Zora Network, a layer 2 solution on the Ethereum blockchain, addresses the issue of high gas fees. This advancement significantly benefits the NFT market, making it more accessible for artists and creators to participate without the burden of expensive transaction costs
- Open-Source Nature: The Zora Network is built on the OP Stack, showcasing a commitment to collaborative innovation within the blockchain community. This open-source approach encourages continuous improvements and developments, benefiting users and the broader ecosystem alike
- User-Focused: Zora's emphasis on accessibility and user experience is expected to play a crucial role in shaping the future of the NFT and DeFi markets. With reduced costs and fast transaction speeds, Zora actively contributes to the mainstream adoption of Web 3.0 technologies and the integration of media on-chain
- Leading Choice for NFT Minting: Zora has the potential to become a top choice for creators and brands looking to mint NFTs on the Ethereum network. Its innovative approach in addressing high gas fees and transaction costs makes it an appealing option
There are also several factors indicating a possible airdrop in the future:
- Zora's documentation includes a "Rewards Programs" section, indicating potential incentives for users
- Zora's success in fundraising rounds from Tier1 VC, with investments from Coinbase Ventures, Haun Ventures, PARADIGM, and others, could signal the project's growth and potential for further rewards
- The Bankless interview with Zora’s co-founder
Based on this final point alone, Jacob Horne's statements in the Bankless interview do indicate a strong likelihood of an airdrop for the upcoming ZORA token. The following points provide substantial evidence to support this inference:
- Emphasis on Community Ownership: Jacob Horne mentioned that community ownership is a significant aspect of the crypto space. This indicates that Zora values its community and aims to actively involve them in the project's growth and development
- Desire for Decentralization: Horne expressed a strong desire to meaningfully decentralize wherever possible. Airdrops are commonly used as a way to distribute tokens to a broader audience, allowing for wider participation and decentralization of ownership
- DAO Components: Horne highlighted the importance of Decentralized Autonomous Organization (DAO) components. Airdrops can help in aligning the community's interests with the project's goals, and promoting more inclusive decision-making processes through DAO structures
- Token as a Decentralization Tool: Horne acknowledged that tokens are an essential tool for decentralizing networks. This statement indicates that he recognizes the significance of tokens as a means of decentralizing networks. This suggests that the ZORA token might be used as a tool for decentralizing the Zora Network. In the context of a potential airdrop, this acknowledgment could mean that distributing ZORA tokens to a wider audience through an airdrop will be a strategic move to promote network decentralization and community participation
- Long-Term Vision: Horne stated that tokens are part of the long-term vision for Zora. Airdrops are often utilized as a strategic move to engage the community and align them with the project's future development plans
Considering these statements, it is reasonable to believe that the team behind Zora are considering an airdrop as part of their strategy to foster community involvement and decentralization within their ecosystem.
At the same time, it’s essential to adopt a cautious approach to airdrop speculation. Predicting a potential airdrop and its criteria is challenging and uncertain. Nevertheless, while the specific eligibility criteria for this potential airdrop are unknown, certain actions like bridging, creating, and regularly minting NFTs are often crucial criteria, and certainly cannot harm your eligibility for any future airdrop.