Zora is innovating the concept of curation, auctions, and what traditional NFT marketplaces can offer. What they have produced is an open-sourced, admin-free ‘Auction House’. A venue that cuts out the crypto middlemen and Web3 gatekeepers, and puts control firmly back in the hands of the community.
The system allows creators and collectors to list NFTs on timed reserve auctions for both primary and secondary sales. Importantly, it runs auctions in ETH, or any other ERC20 token. Additionally, it allows for NFT trading outside the platform of the original minting.
The platform provides an added emphasis on curators, whom historically would have to purchase works in order to manage them. Now, they are able to manage the auction on behalf of the creator and charge a nominal fee for their services. The on-chain curation has also enabled the creation of trust-less Curator DAOs, with the result that community organizations can collectively own and operate auction houses.
Zora aims to herald a whole new era of NFT marketplace transactions with its open-sourced code. This is to give freedom to developers and technologists and encourage them to create their own independent galleries and auction houses using ZoraOS.
Read more about Zora’s ‘Auction House’ here >> Auction House
Image credit: via Zora
Want more? Connect with NFT Plazas
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.