Zora now supports payments in alternative tokens for paid mints! This feature gives you the flexibility to accept payments not only in ETH but also in USDC and a wide range of other ERC-20 tokens. Let’s explore what this means!
What are ERC-20 tokens?
ERC-20 is a token standard for fungible tokens on Ethereum and Ethereum-compatible (i.e. “EVM”) blockchains. Because ERC-20 tokens are fungible, a token issued under a given contract is exactly the same as any other token issued under the same contract; there are no special rights, behaviours, or attributes associated with any individual token. The fungible property of ERC-20 tokens makes them useful as a medium of exchange and a tool to facilitate onchain functions like voting and staking. Fungibility is a concept already familiar in our daily interactions.
Consider this scenario: You have a $1 US dollar bill, and we have a $1 US dollar bill. Both bills grant us the exact same buying power and rights. If we were to swap bills, our positions would remain unchanged. ERC-20 tokens operate on the same principle—for example, each USDC token is indistinguishable from another.
Creating a Mint to be Paid for in an Alternative Token
Any paid mint on Zora is eligible for payments in an alternative token as long as the alternative token of choice exists on the same blockchain network as the collection of which the mint will be a part. To set the purchase price of your mint in an alternative token:
On the Create page, the “Currency” dropdown list reflects ETH by default. Clicking on this dropdown list will open up a modal.
A “Select a token” modal will appear. Here, you can select ETH or USDC or paste the contract address of the alternative token in which you wish to request payments.
**Note: You can only select an alternative token that exists on the same blockchain network as the one of the selected collection.
After entering a valid contract address, a search result will appear to show whether the token is supported on Zora.
** Disclaimer: We reserve the right to discontinue support of any token at any time in our sole discretion without any prior notice. Token support may be discontinued to prevent user harm, to comply with legal obligations, or for failure to comply with our Terms of Service. In the event we discontinue support of a token in which you have requested payments for a mint, such mint will no longer be mintable on Zora. **
Collecting a Mint using an Alternative Token
To initiate a mint, your wallet must have an adequate balance of the specific token in which the creator requests payments, whether it’s ETH, USDC, or any other ERC-20 token.
** Disclaimer: We highly recommend conducting thorough research before engaging in alternative token transactions, including examining the token on a block explorer. **
Sales Proceeds and Protocol Rewards in Alternative Tokens
Other than those in ETH, sales proceeds and protocol rewards are not subject to an affirmative claiming process. Instead, the relevant transaction amount will be sent directly to the creator’s wallet upon each transaction.
Sales proceeds and protocol rewards denominated in ETH will continue to first accrue in an escrow wallet, from which creators shall affirmatively claim their balances before such balances arrive in the creators’ wallets.
Transact at Your Own Risk
Please exercise caution when engaging in transactions involving alternative tokens. Zora is not affiliated with, nor does it endorse, any specific token project currently supported on the Zora platform. Zora makes no representations regarding the suitability, security, or safety of any alternative tokens supported on its platform. Users assume all risks associated with the usage of alternative tokens on the Zora platform, and Zora bears no responsibility for any resulting financial losses. We strongly advise you to conduct thorough research before transacting with any particular token. See our Terms of Service for additional information.