-
Zora Network is set to launch its long-anticipated ZORA token through a significant airdrop, aimed at revitalizing engagement in a cooling NFT market.
-
This initiative is particularly noteworthy given Zora’s historical backing from major investors such as Coinbase Ventures, amidst a backdrop of heightened competition in the NFT and crypto space.
-
According to a source from COINOTAG, the launch aims to re-engage its user community, with early engagement showing a steep decline over recent months.
The Zora Network is launching its ZORA token via a major airdrop on April 23, 2025, aiming to boost user engagement amid a challenging NFT landscape.
Zora to Launch ZORA Token on April 23: Key Details
According to Zora’s official announcement, the airdrop will transpire on April 23, 2025. It will be a retroactive airdrop aimed at users who have actively engaged with the platform over designated snapshot periods.
The snapshot data is divided into two phases:
- The first phase encompasses January 1, 2020, to March 3, 2025.
- The second spans March 3, 2025, to April 20, 2025.
Zora plans to allocate 10% of its total 10 billion token supply—that is, 1 billion ZORA—for this airdrop. The Zora team retains 18.9% of the supply, with over 26% held for strategic advisors and development supporters.
Moreover, Binance has announced it will list ZORA on Binance Alpha on the same day. Alongside this, Binance will distribute 4,276 ZORA tokens to users who have made qualifying purchases.
“This offer is exclusively for users who purchase a minimum of $50 on Alpha using Spot or Funding accounts on Binance between 00:00:00 March 22, 2025 (UTC) and 23:59:59 April 20, 2025 (UTC),” Binance stated.
Currently, ZORA is trading at approximately $0.03 on pre-market platforms, indicating that the airdrop could be valued at about $30 million. The fully diluted market cap for Zora Network sits around $300 million, signaling a strong entry into the market.
Zora is more than a mere NFT marketplace; it functions as a protocol that allows third parties to innovate and sell NFTs. Notably, its recent collaboration with Base, Coinbase’s layer-2 solution, highlights its potential.
According to a recent report from COINOTAG, Base leveraged Zora to tokenize a post on social media titled “Base is for everyone,” transforming it into an ERC-20 token. This innovative approach generated over $30 million in trading volume within a mere 12 hours, yielding $70,000 in profits.
However, the event ignited concern among some users who accused Base of executing a “pump and dump” scheme following a significant price drop shortly after token launch, where the price fell 99% in four hours. The peak trading volume reached $13 million on Uniswap before collapsing.
Base has denied the allegations, emphasizing that its token was not merely a meme or a vehicle for manipulation. Still, this incident has raised valid questions about transparency and the integrity of new projects associated with Zora.
As of the latest update, data from Dune Analytics reveals that the Zora Network has processed over 87 million transactions, currently attracting around 37,000 active addresses each day.
However, it’s vital to note that user activity has declined sharply, with an over 80% drop in active users over the past year.
Additionally, a recent report from Binance indicates a significant slowdown in the NFT market, showing a 12.4% decrease in total sales volume across the top 10 blockchains last month, highlighting waning buyer interest.
Conclusion
In conclusion, Zora Network’s upcoming token airdrop represents a strategic effort to enhance user engagement in a challenging NFT environment. With a solid backing and innovative collaborations, the launch seeks to restore confidence and activity levels on the platform, crucial for its future growth in a competitive marketplace.
