Zora is a marketplace for limited-edition goods. The marketplace utilized non-fungible tokens (NFTS) to launch the limited-edition items. NFTs allow the price to be dynamic – determined by the demand and supply of the item. Products go on sale before they are even ready to be shipped. Moreover, fractional trading enables users to speculate on the value of a product.
The NFT market has been in a boom with every day celebrities, singers and other famous figures jumping in on the NFT bandwagon. Marketplaces, like Zora, are reporting phenomenal levels of funding and sales.
According to documents from the US Securities & Exchange commission, Zora has been able to secure $8 million in fundings. In October 2020, Zora was able to secure $2 million in a seeding round. It is unclear, at the moment, whether or not the seed round funding is included in the SEC documents or not. Nonetheless, it portrays a vivid picture of the capital inflows to NFT marketplaces.
The booming ecosystem of NFTs is hinting towards the NFTs dominating the ecommerce sphere in the near future.