Zora

An optimistic case for the new Zora model

1. Everything that can be a token, will be a token. This trend is accelerating because the largest capital market in the world—the US—is finally has a pro-token regulatory environment. (Using coin and token interchangeably here.)

2. If you create digital media, you can immediately can earn money. No bank account, payment process or platform (Zora contracts are a protocol).

3. Additionally, if you create digital media that goes viral, i.e. captures internet-scale attention, you can make a lot of money. Traditionally the only beneficiaries of internet-scale attention are the web2 social media platforms—they monetize via attention (time spent) and they minimally share the upside with the creators.

4. Coins (ERC20) are the most composable primitive in crypto. Order of magnitude more than NFTs (ERC721). Leads to weirder / emergent use cases.

5. Zora open editions fee distribution stack is underrated for curator / app layer monetization.

We will see trillions of tokens in the coming years

Less than 1% of all the tokens that will exist have been created already. 99% of tokens have yet to be created.

Basically everything could be become a token.

Tokenizing all kinds of media isn’t an established consumer behavior that will grow and sustain. Maybe it becomes that but we have a long way to go. 

But the fact that real value can be ascribed to a piece of media/content and put out in the world as a public market that anyone can interact with is very interesting.

I love the experimentation.

just coin it.

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/cal 

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They use bonding curves and AMM liquidity pools so it’s still just a function of supply/demand but this is a public and permissionless way to create a mechanism for value accrual for basically anything you can put into a file/image/text

Real value is a function of demand regardless of the medium

But just because 1 B coins are produced does not mean there has been real value attributed or accrued. 

I wonder how, in practice, people will actually buy these coins. Maybe I need to understand how it plays out in some examples better. 

Eg, if there’s 1b supply, does price of each coin only go up if the whole supply is purchased?

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consumers do not care about wasted storage

Just like not everything has to be an NFT not everything has to be a coin either. So much wasted storage for a couple minutes of fun and then no one cares anymore?

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Yeah but that’s in large part because we’re not growing the number of users

But alas the issue of fragmented liquidity/pvp that ensues.

Who tf is indexing all of these and what wallet UI needs to be imagined to handle it all?