Zora's ZORA: Will This Memecoin Actually Empower Creators?

In this way Zora had become a sanctuary for artists like Anya. As a digital painter, she had found it increasingly difficult to survive on commission work in the traditional art world. "Finally," she told me in a recent online chat, "a place where my work can be seen, appreciated, and maybe even valued without having to navigate the gatekeepers." Will ZORA’s new token be the thing that frees Anya and millions like her? Or would the money just end up filling the coffers of a very few already at the top of the crypto pyramid?

Ethereum NFT platform Zora is releasing its native ZORA token to coincide with its recent migration to the Ethereum blockchain. 10 billion of them, to be exact. The idea? To enrich engagement and test out better models for distributing value. They’re branding it as “the memecoin for Zora’s community.” It’s launching on Base, Coinbase’s Layer-2 network. The great news is that a retroactive airdrop is coming! It will reward the early believers, builders & degens who’ve made Zora what it is today. More than 2.4 million collectors and 618,000 creators have converged on Zora, fueling $376 million in secondary volume. Impressive numbers, no doubt. The question remains: Who exactly is benefiting?

The ZORA token has no governance rights. No equity claims. It's a memecoin. A memecoin. We’re discussing the monetization platform that was developed on the promise of truly empowering creators and their grand solution is… a digital bauble? It’s akin to giving out participation trophies at the Olympics.

ZORA Token A Real Game Changer?

Let's be real: memecoins are, by their very nature, volatile and speculative. They need community sentiment and excitement to flourish. That initial excitement can disappear quicker than a latte spill on a sweltering July afternoon. The prospect of a community-driven tax-payer friendly token is pretty exciting. The reality more frequently plays out as whales and bots gaming the system and forcing honest creators to lose out.

Anya has been picking up steam on Zora after all. She’s concerned that her future wealth is dependent on a cryptocurrency that might just drop to zero value one day. How empowering is that, really?

This reminds me of the early days of the internet, when the promise of democratized information and connection was quickly overshadowed by the rise of centralized platforms like Facebook and Google. Will ZORA follow in these footsteps? Will its unqualified idealism in the end give way, permitting a system that benefits principally those who are already mighty to take root?

Zora has without a doubt been on the cutting edge of innovation such as Open Editions, Auction Houses, etc. It’s on to its “Coins” feature, making every post a tradeable token or something equally rad. As we all know, good intentions don’t guarantee good outcomes. The token distribution matters massively. Secondly, will the distribution be equitable at all? Or will it content itself with serving up the interests of whoever has the deepest pockets and the most sophisticated bot armies?

Good Intentions, Questionable Impact

This perverse lack of governance rights is alarming. If creators aren’t able to participate in deciding the future of the platform, then how is it really “empowering”? Instead, it feels a lot more like getting a new shiny toy and no instructions.

Anger/Outrage: I'm not gonna lie, I'm a little angry. I'm angry because I see the potential of blockchain technology to revolutionize the creative landscape, but I'm seeing it constantly undermined by hype, greed, and a lack of genuine commitment to creator empowerment.

I fear that ZORA will be yet another example of a well-intentioned project that ultimately falls short of its goals, leaving creators feeling disillusioned and exploited.

Let's talk numbers. Zora boasts over 618,000 creators. Assuming the airdrop is totally evenly distributed (which it very much won’t be), that’s about 16,000 ZORA per creator. Assuming a value of $0.10 per ZORA (and that’s generous), that’s $1,600. A nice bonus, sure, but hardly life-changing. And remember, this is a one-time airdrop.

Whose Empowerment Are We Talking About?

Relatability: We've all been there, haven't we? Delivered a participation trophy instead of the bounty they were promised. A pat on the back in place of a paycheck.

The real empowerment from artists comes from independent, diversified revenue streams, ownership of the work you do, and an authentic, direct relationship with your audience. The ZORA token might play a role in this but only if it’s released carefully and with the best intentions.

This reminds me of Patreon, a platform that promised to help creators monetize their work. While Patreon has undoubtedly benefited some creators, it's faced criticism for its fees, its content moderation policies, and its overall impact on the creative ecosystem. ZORA needs to learn from these mistakes.

Zora is at a crossroads. It could become a real vehicle for creator empowerment. Or, on the contrary, it flops and shrivels into another peripheral footnote on the periodic table of crypto hype. The choice is theirs. Whether ZORA lives up to its potential as a tool for creator empowerment or becomes another missed opportunity remains to be seen. The answer depends on us. Support the creators on Zora. Demand transparency. Help us push for a fairer, greener crypto industry. That’s how we can make a memecoin mean something.

Zora is at a crossroads. It can either become a genuine force for creator empowerment, or it can become just another footnote in the history of crypto hype. The choice is theirs. And ours. Will ZORA be a tool for creator empowerment, or just another missed opportunity? The answer depends on us. Support the creators on Zora. Demand transparency. Advocate for a more equitable and sustainable crypto ecosystem. That's how we can turn a memecoin into something meaningful.