Can ZORA truly return the usefulness and freedom to our internet? Or is it just the latest shiny object out of Coinbase’s cookie jar? We need to have an honest conversation about the real promise and peril of this new crypto token.

Creators' Dreams vs. Coinbase's Bottom Line

Zora Network, the layer-2 protocol on Ethereum, is lowering the barriers to entry and changing how billions of creators will monetize their work. The core idea? Tokenize and trade posts. The ZORA token fuels this entire ecosystem. Creators and Developers are rewarded for the creation of digital assets through Trade Rewards and Market Rewards which are based on trading activity. Sounds good, right?

Here's where the unexpected connection comes in: It reminds me of the early days of social media, when platforms promised to democratize content creation. We were sold the dream that anybody could be a celebrity. Instead, we got algorithms that prioritize engagement over quality and platforms that reap massive profits while creators fight for scraps.

Coinbase’s safe action to add ZORA to its watchlist is a blessing and a curse. On the one hand, it means all the legitimacy and exposure that ZORA’s unconventional approach to the arts provides. On the other, it raises the specter of centralization and profit-driven motives. Coinbase would love to be able to list every single crypto asset that exists. So long as the intention is to make the creators wealthy and not the transaction itself, that’s great.

The anxiety here is real. So will Coinbase really give ZORA the wherewithal to fulfill its stated aim of empowering creators? Or will it simply use ZORA to further increase its bottom line?

Zora’s mission is personally inspiring, particularly for creators from historically marginalized communities. In Africa, as just one example of many, there is a long disconnect between talent and monetization or recognition for artists and entrepreneurs. Unlike traditional platforms that shut them out because of geographic inaccessibility, payment barriers or prejudiced algorithms.

Africa's Opportunity, A New Colonialism?

Or picture the increased market access for a young artist in Lagos, Nigeria, because they’re able to get paid a fair wage for their digital creations. Now, picture that same community in rural Kenya making decisions about local projects and accountability through ZORA and using the revenue to support independent journalism. This is the opportunity ZORA provides – and it is deeply, radically powerful.

Crypto is volatile, complex, and susceptible to scams. And if so, are we preparing innovative makers in at-risk communities for a disaster? Or in effect developing a new kind of digital colonialism, where African creativity is exploited for the exclusive benefit of Western platforms.

I would like to see a case study produced on the way ZORA is opening up doors for creators in Africa. Please share with me!

Today, ZORA is ranked 606th by market capitalization, but that really doesn’t matter. That potential is what’s most important. We’ll have to see how that potential benefits creators or if it only benefits Coinbase. Trade Rewards and Market Rewards sound like impressive Terms of Service jargon, but do they actually turn into tangible, stable revenue for creators? Are these rewards being shared fairly, or are they concentrated on the backs of early stage adopters and rich investors?

Hold Coinbase and Zora Accountable

We need to ask these questions. So, we should call for more transparency both from Coinbase and Zora. Let’s take these steps now to ensure ZORA is a productive and ethical tool. In all these moves, we need to put the needs of creators first.

This isn't just about crypto. It's about the future of the internet. It’s as much about if we are capable of creating a more equitable and democratic digital economy. We shouldn’t make the same errors again. Let's hold Coinbase and Zora accountable, and let's work together to ensure that ZORA truly empowers creators, not just enriches Coinbase.

The internet should be valuable and free. Together, let’s ensure ZORA is a powerful tool to help us go farther. And I hope that Coinbase is serious about its mission, and not just listing crypto assets for the sake of listing.

What can you do?

  • Research ZORA: Understand the technology, the risks, and the potential benefits.
  • Support Creators: If you believe in ZORA, support creators who are using the platform.
  • Demand Transparency: Ask Coinbase and Zora tough questions. Hold them to their promises.

The internet should be valuable and free. Let's make sure ZORA helps us get there. And I hope that Coinbase is serious about its mission, and not just listing crypto assets for the sake of listing.