We are living at a point in time, where any community on the internet will be able to come together with capital and work towards a shared vision. This eventually leads to internet communities taking on societal endeavors.
Ethereum-driven marketplace Zora raises $2M to build a sustainable creator economy, which is a super interesting take on the double-sided marketplace where a creator gets to participate in both sides.
For those who do not know Zora, it is a market place that has two main components with one philosophy, which is about sustainable economics for creators.
The point in question is about how after a creator has made rewards for their primary work, after that every work the artist does leads to a secondary economy, thus building a name and brand for the community, but the value generated out of the secondary economy stays out of reach of the creators and the creator does not see a dime from the secondary economy. This pattern is seen in almost every creative industry like fashion, sports, and social media.
The good thing about Zora is that, “The primary Zora product is a market that allows creators or artists to launch products and then continue to participate in their second market value.”
Those who are interested might want to explore the price dynamics and how the creators are able to benefit by being able to gain access to profits in the secondary market.
Sydney Ifergan, the crypto expert tweeted: “Ethereum Network are powering the growth of several excellent products. Recently with Zora it is about helping creators benefit from the secondary value of their creation.”
The RAC Token built On Ethereum is the first if It’s kind from Zora. The Token is not a social media super power.
The RAC token unifies the users irrespective of whether they are on Intsa, TikTok, Spotify or Snapchat, and they will all be able to earn tokens. These token serve as a unifying community unit of value. This value or token is something that everyone in the community will understand and rotate around. Thus, the token creates a pool of value, which the artist will be able to own and distribute.
RAC is only earned. It cannot be purchased directly. Thus, the value of the artist’s work will stay in artist’s reach than getting spun over to the currency. Creators who do not fall in to neatly package-able categories
Of creative professions will benefit out of this.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
Get the latest Crypto & Blockchain News in your inbox.
