NFT REVIEW MARKET
On June 21, the NFT marketplace Zora announced the launch of Zora Network, a new layer 2 blockchain solution meant to provide improved digital infrastructure to the artists and brands that have used their platform in the past. The network, which is supported by over 35 Web3 entities — including Sound.XYZ, Rainbow Wallet, and PleasrDAO — will be able to better serve the platform’s 100,000 monthly active users by unlocking structural advantages for Zora’s platform and ensuring its ability to scale properly.
In the context of blockchain tech, a layer 2 solution is a secondary protocol built on top of an existing blockchain whose purpose is to increase the speed, efficiency, and scalability of the underlying chain (layer 1). As they process tasks the layer 1 chain would otherwise have to, layer 2 chains reduce the workload the former has to process and can increase speed and reduce transaction costs. Several layer 2 solutions exist for the Ethereum blockchain, with Arbitrum being one of the most notable.
Increasing scalability and security
Built on Optimism’s stack, Zora Network will be a more gas-efficient L2 network secured by Ethereum. The company claims the integration of Zora Network with the Zora marketplace’s existing infrastructure will be seamless.
“Zora Network is designed to minimize costs for creators, making Zora a place where onchain media and culture can thrive,” the company said in a correspondence with nft now.
Layer 2 solutions bundle together several transactions into a single layer 1 transaction, which is why they can reduce data processing loads. To keep the securities benefits of the layer 1 the secondary chain is built on, they settle transactions on the mainnet. Reducing fees and enabling more transactions can be a huge benefit to platforms that use layer 2 chains, as they free up space to broaden the reach of online applications and generally help improve user experience.
To commemorate the launch, Zora released an open-edition NFT entitled Energy that fans can mint for the next 17 days.
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