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chaim.eth
@chaim
Zora [@zora] released a protocol-wide upgrade last Wednesday which introduced 2 major updates: 1/ New Secondary Markets The big update is what happens when the primary mint ends. Instead of having an order-book style secondary market where people list their individual NFTs for sale, the new secondary market is powered by fungible tokens in a Uniswap liquidity pool. This allows the NFT to be wrapped into a fungible token and swapped within a Uniswap pool. The user experience of this is an always-on, always-liquid secondary market. This also re-introduces secondary royalties, a unique benefit of NFTs to creators that we had all but lost last cycle. When the primary mint ends, the Uniswap pool is funded via Zora’s protocol by minting an additional 10% of the wrapped NFT, and sending that along with 10% of the ETH earned from the mint into the pool. A 1% LP fee is then pointed back to the creator’s wallet, reintroducing secondary royalties by using a core element of the Uniswap protocol. (cont'd...)
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chaim.eth
@chaim
2/ New Mint Fee Along with this update came a new default fee of 0.000111 ETH per mint, a far lower price point than the previous 0.000777 ETH. At current ETH prices, that’s a drop from ~$2 to ~$0.30 per mint. After the release of the new protocol, we saw some major spikes in mint volume across popular releases, including a record-shattering 1.8 million mints on @base’s latest token. That’s over $500k in mint revenue. It remains to be seen if this spike in volume can translate to a sustainable increase after the dust settles, but Zora’s bet seems to be that scaling onchain social to new entrants will require more accessible prices.
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wolf
@warcin
great overview, thanks ser!
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Ropatkopatel
@ropatkopatel
This is actually a cool idea!
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Ava
@tokentrapper
Cool
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