Zora is a protocol designed for the Ethereum blockchain that establishes universal, perpetual markets for media in the form of
Each piece of media is embedded with a market, consisting of a transparent pool of bids. As a result, a universal buy-side liquidity pool develops for the piece of media that an owner can access and act upon at any time.
Each market is unique to the piece of media, and its bids can be inspected by anyone. In addition to bids, the media owner may choose to set an ask price for their media, which is a suggested bid that can be executed by a willing buyer.
Whenever a bid is accepted, or an ask fulfilled, the piece of media is transferred to the buyer, and the funds from that bid are split amongst its shareholders.
There can be up to three shareholders for a piece of media: the owner, the previous owner, and the original creator.
The Zora protocol introduces integrity checks to ensure that media and its metadata is provably unique. These integrity checks can be performed by any system at any time. This integrity safeguard allows for the URI of media and metadata to be updated arbitrarily, ensuring robustness when hosting media off-chain.