Zora, an onchain social network for creatives, faced backlash following the launch of its ZORA token on April 23. Users criticized the project's lack of communication, poor tokenomics, and utility, as the token's price plummeted by over 50% shortly after launch. While 45% of the token supply was allocated for the team and investors, only 10% was designated for user airdrops. Some users expressed dissatisfaction with the token's perceived lack of value and utility, but others defended the platform's overall financial benefits. The shift from NFTs to 'content coins' represents a broader trend in the creator economy, with many creators moving towards more traditional forms of monetization amid declining NFT interest. Experts suggest a need to reevaluate the application of blockchain technology in enabling creators. While some believe in the potential of NFTs, others assert that the technology should serve artists' needs more effectively, rather than prioritizing speculative interests. As the landscape evolves, future platforms may be built by the artists themselves, reflecting their changing perspectives on blockchain and monetization models.

Source 🔗