The NFT marketplace and onchain social platform Zora intends to launch ZORA, a token undergirded by the Ethereum Layer 2 network Base.

ZORA joins Magic Eden and OpenSea as other NFT marketplaces establishing their own token launch in recent months. However, Zora's forthcoming token is intended "for fun only" and doesn't give holders governance claims, the company noted in a Monday release.

The first ZORA snapshot occurred on Monday, with the second snapshot slated for three days before ZORA's official airdrop sometime in spring 2025. The token will have a 10 billion total token supply, with 26.1% going to contributors, 20% to incentives, 20% to the treasury, 18.9% to the Zora team, 10% to retroactive airdrops and 5% to maintaining liquidity.

Though Zora's token is intended "for fun only," other NFT marketplaces have noted additional use cases for their tokens. The Solana-based NFT marketplace Magic Eden launched its ecosystem and utility token ME in December 2024 to enable cross-chain trading on the platform. And while OpenSea has yet to launch its token SEA, the coin will play a role in the marketplace's revamped protocol OS2.

In May 2022, Haun Ventures led a $50 million funding round for Zora, which netted the NFT marketplace a $600 million valuation at the time.

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