The launch of the ZORA token highlighted numerous issues among users, including dissatisfaction with prices and utility.
ZORA Token Launch and Associated Issues
The ZORA token was launched on April 23 and immediately became the subject of controversy. The lack of an official announcement regarding the token's launch led to confusion on social media. The token's price dropped over 50% within the first two hours of trading. Many users also expressed dissatisfaction with the tokenomics, where 45% of the supply is reserved for the team and investors, leaving only 10% for community incentives.
Changing NFT Models for Creators
The launch of the ZORA token reflects a broader shift from traditional NFT models toward the use of memecoins, also known as "content coins". Each post on the platform creates an instantly tradable memecoin, providing creators with 1% of the total supply. This shift aims to adapt to changing interests within the creator economy.
The Future of Blockchain Creator Economy
Despite the shift of interest from NFTs to memecoins, there is a prevailing belief that blockchain still holds immense potential. Many creators emphasize the need to rethink the use of technology. The future is expected to rely on the independence of artists and the platforms they build.
Although the launch of the ZORA token has been problematic, many experts and creators believe that blockchain technology still plays a crucial role in the creative field despite current challenges.
