$ZORA Token Launch Amidst Zora's Leadership Shift
Zora's CEO, Jacob Horne, stepped down from his role after five years at the helm. He was replaced by co-founder Dee Goens, who moved up to the position on Wednesday.
This change comes amidst a period of significant transformation for Zora. The company has reduced its team size to fewer than 10 people and overhauled its product thesis.
Zora initially launched as an NFT protocol in around 2020, raising roughly $60 million in total funding, including a $50 million Series C in 2022 that valued it at approximately $600 million. However, the company has since shifted focus to 'creator coins' and 'content coins,' which tokenize individual creator profiles and pieces of content into tradable on-chain assets.
The same day as Horne's departure, Zora launched its $ZORA token with a total supply of 10 billion. The platform previously saw trading volumes in the hundreds of millions after certain product launches and user activity spiking to millions of weekly users.