Zora, the company behind an Ethereum-based market for tokenized products, received an investment from Paradigm.
Fred Ehrsam, co-founder of the crypto VC firm, announced the news on Twitter Thursday evening. The terms of the agreement were not disclosed.
Paradigm’s investment comes a year after Zora exited the first stealth mode and entered the market. As The Block reported at the time, the market uses a dynamic pricing mechanism and allows prices to rise and fall depending on how much interest a particular business is. The underlying concept of Zora is that content creators can capture some of the value their work gains in secondary markets.
In a blog post, Ehrsam effectively positioned Paradigm’s stake as an investment in the future of non-duplicate tokens or NFTs.
NFTs are unique blockchain-based data pieces linked to a digital product or creation. They go through an event that could be described as mainstream, appear in major newspapers, and encourage a number of popular figures to enter space between attention and hype.