onlinemusic

Zora

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...)

i think @zora dropped a really powerful new economic model for music on the internet, there just needs to be the right create/collect experience built atop it that clearly highlights the incentives

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