Do you know the word for bridge in Czech? Or how to say ice-cream in Dari? When Zora moved from NFTs to coins, it meant that everything you post or create on that platform automatically becomes a coin. In other words, your creation is turned into an ERC-20.
For every coin you create via Zora, a total supply of 1 billion coins is created. As the creator, you are automatically rewarded 10 million (1%) of that supply. This is makes it ideal for cocreated content, and with that for my “Languages of Farcaster” project. In this project I ask my Farcaster social graph to share the word for a certain thing (a train, fireworks, a sunflower). The responses I project on a piece of pixel art I make on a 12 x 12 canvas, which I then use to create a coin on Zora.
Now begins the fun part: from the 10M supply of that coin, I redistribute 9M to the participants. Yes, that means that if there are less than 9 participants, they actually get more per person then I hold myself. That way, everybody has actual ownership in the project, and in the unlikely scenario that the coin takes off, we even have a potential monetary gain.
The benefit of the coining of content on Zora is that as a creator, you get rewarded for any trade made with that coin. But, that does not really happen for most of us. So, for now, these cocreated language coin are more about symbolic value and collective ownership of the creation. Besides, it simply is a very fun project.
When Zora made the move to coining all posts, they were also referred to as content coins. Every post on Zora is a coin, and now, if you use The Base App, every post you create there is a coin as well. Even this very article you are reading now is a coin, as Paragraph has also embraced the era of the coin craze. Obviously, I have created a couple of content coins. In the next part of this journey into Coincrazia, I will dive a bit deeper into content coins.
