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Getting Started As An NFT Artist On Tezos Using Hicetnunc

Are you an NFT artist looking to get started on Tezos in order to mint clean NFTs for low fees? In this detailed guide we look at how a new NFT artist can enter the Tezos NFT ecosystem through Hicetnunc. We start of with a brief introduction to Tezos NFTs and what is being developed. We will then cover setting up a Tezos Temple wallet, which you can use to store your NFTs and interact with the Hicetnunc platform.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

NFTs And Tezos

A wave of new artists have started to mint NFTs on the Tezos blockchain.  Some of the reasons behind this include the following:

The cost to mint NFTs is very low in comparison to Ethereum. The cost to mint on Tezos presently (19th October 2021) is 0.08 tez, which equates to around $0.54. In comparison it can cost anywhere between $10-$100 to mint an NFT on Ethereum. Taking the high range, that is 137 times cheaper. Some Ethereum NFT platforms don’t charge a mint fee, but instead place a sales fee.

Open Sea for example will take a 2.5% of your NFT sales. So if you sold 10 NFTs for $1000 each, resulting in $10,000 in sales, Open Sea would take $250

Minting 10 NFTs on Hicetnunc for $1000 each would cost $5.40 (0.08 tez minting fee at around $0.54), a 46X saving on fees. This is because on Hicetnunc a 2.5% fee is paid by the buyer for platform maintenance and does not come off the sales price for the seller.

Due to being a PoS blockchain (LPoS to be exact), the energy usage on Tezos is a lot lower than on PoW blockchains like Ethereum. The cost of minting an NFT on Tezos has been compared to sending a Tweet on Twitter.

If energy consumption is proven to be around the same as a tweet, then it would show vast differences in energy consumption.

This is because it has been calculated that sending a tweet consumes around 90 joules.  In comparison, it has been stated from deep analysis that minting an NFT on Ethereum is the equivalent to 142 kWh. Now, when you bear in mind that 1 kilowatt-hour is the equivalent of 3.6 million joules, you can begin to see why people see minting NFTs on Tezos as ‘greener’ option. 

There are also comments that minting on Tezos could even consume less energy than sending a Tweet.

Here, below you can see analysis of annual energy consumption between Bitcoin, Ethereum and Tezos.

It is stated by TQ Tezos:

“We’ll give the bottom line first: reasonable estimates from the University of Cambridge place Bitcoin’s current annual energy consumption at 130TWh, a continuous draw of 15 gigawatts of electricity

If Bitcoin were a country, its annual energy consumption would place it between the mid-sized countries of Ukraine and Argentina. Some estimates of Ethereum’s annual energy consumption place it at around 26TWh, a draw of 3 gigawatts, comparable to Ecuador, a country of 17 million people.

By contrast, the energy used annually by validators of the Tezos network is probably in the range of 60MWh, a continuous draw of perhaps 7 kilowatts.

These numbers differ by a factor of over two million, between six and seven orders of magnitude.”

What’s To Come With Tezos NFTs

OpenSea is due to add Tezos to its platform, OpenSea is the largest NFT marketplace. It will also add Tezos NFTs to its ‘Embeddable’ system, meaning it will be easy for artists to add and embed Tezos based NFTs to their websites and social media applications.

NFTs fall under the elegantly designed FA2 token standard. Unlike Ethereum, which has many different token standards for different types of assets, Tezos uses the FA2 standard which combines different types of assets under one standard. This means the Tezos FA2 standard can cater to both fungible and non-fungible token types.

Having tokens under the same standard can introduce some interesting use-cases in the future. For example, in a game environment you might want to have non-fungible and fungible tokens, in this case only one standard needs to be implemented easing development and making it easier for these gaming components to interact.

Other areas being explored include NFT bridges, batch minting, fractional NFT ownership and the introduction of ‘Tickets’. Tickets could greatly reduce the amount of contract calls needed when interacting with these assets and when it comes to auctions, further improving efficiency.

NFT bridges are now available to move NFTs from Ethereum to Tezos.  It is possible to wrap Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Meebits, SoRare and SuperRare Ethereum NFTs onto the Tezos blockchain.

The first Ethereum NFT to be wrapped onto the Tezos blockchain was a Mutant Ape Yacht Club (MAYC) NFT, which was wrapped onto the Tezos blockchain on the 10th of September 2021. 

The Hicetnunc Guide – Setting Up A Temple Wallet

Before you start minting on Tezos, you need a Tezos wallet with some funds in it.

In previous guides we have covered using the Kukai Tezos wallet, which can be done by using your Twitter account. In this guide, we will instead cover a different, but very popular Tezos wallet – the Temple Wallet. The Temple wallet can also interact with the Ledger wallet for cold storage security, however we will create another guide on that facility later.

Setting Up The Temple Wallet

In order to setup a Temple Wallet, visit the Temple website here. Once on the website simply click to install:

The Temple wallet is available on the Google Chrome, Mozilla Firefox, Brave, Opera, Microsoft Edge, Yandex Browser and Vivaldi browsers:

In our example, we will choose the Google Chrome option. This then takes you onto the Chrome Web Store, where you will be able to add the Temple Wallet extension to your browser. If you are familiar with Metamask on Ethereum, then you will find that the Temple wallet functions in a very similar way.

You are able to confirm the application install here:

It’s a good idea to pin the extension to your browser, you can do this by selecting this option here (the option to pin an extension might not look the same as this on different browsers):

Then you can pin the app, so it always remains at the top of your browser:

Once you have pinned the application you will find it in the top right-hand corner, here you can select it:

Next, you will be able to either import an existing Tezos wallet, or create a new one. We will create a new one here:

Here, you can create an ultra-strong password, agree to the conditions and then select ‘Create’:

Next, you are asked to backup your seed phrase. It’s important that you backup this seed phrase and store it in an ultra-safe location, as this phrase can be used to gain access to your wallet. Also, If you ever switch between browsers or devices, you will need this seed phrase to access your accounts.

Click on the ‘Reveal’ option highlighted below and make your secure copy of the seed phrase:

Once you have made a secure copy of your seed phrase, then you can continue to your new wallet.

Now, you have a Tezos Temple wallet you can also just receive XTZ into your Temple wallet from an exchange such as Coinbase, Binance etc.

In order to receive XTZ into your Temple Wallet, simply click the ‘Receive’ option here:

This will bring up the Tezos public wallet address that you can share with the Tezos NFT Faucet to receive funds. Alternatively, you can copy this address and send XTZ to it from an exchange such as Coinbase, or Binance. The Temple wallet will also be a place where the NFTs that you mint or buy can be stored.

Minting An NFT On Hicetnunc

Now that you have a Tezos wallet with funds in it, you can now begin to interact with Hicetnunc. First, you will need to visit the Hicetnunc website here.

Next, you will need to sync Hicetnunc with your Temple wallet, in order to do this click the ‘Sync’ button here:

Here, you can select the Temple wallet:

Next, you will need to confirm the Hicetnunc connection to Temple:

Temple will let you know once permission has been granted and the wallet has been synced with the Hicetnunc application:

Once you have synced Hicetnunc with your Temple wallet you are then ready to mint NFTs.

Click on the option ‘Objkt (Mint)’:

Here you will have to provide the details of your NFT including your NFTs name, description, tags, the number of variations, and the upload of your NFTs file from your computer.

In our example, we will be uploading an mp4 video. however, most people will be uploading images here. The following file types are supported: bmp, gif, jpeg, png, svg, tiff, webp, mp4, ogv, quicktime, glb, gltf, mp3, oga. 

The minting process will cost around 0.08 in tez (XTZ), which is around $0.55 (at the time of posting this article) as mentioned.

A royalty figure of 10% means that if your art is sold again in the future, you will receive 10% of future sales.

Here you will have to provide the details of your NFT including your NFTs name, description, tags, the number of variations, royalties and the upload of your NFTs file from your computer.

In our example, we will be uploading an mp4 video. however, most people will be uploading images here. The following file types are supported: bmp, gif, jpeg, png, svg, tiff, webp, mp4, ogv, quicktime, glb, gltf, mp3, oga. 

The minting process will cost around 0.08 in tez (XTZ), which is around $0.55 (at the time of posting this article) as mentioned.

A royalty figure of 10% means that if your art is sold again in the future, you will receive 10% of future sales.

In our example of minting an NFT, you can see we have entered the following details:

Once you have filled in your details and clicked preview, you will then be shown a preview of the NFT you are about to mint.

You can then proceed to mint the NFT. Remember, the process of minting an NFT won’t yet push it for sale, a couple of extra steps will be required for that, which we will cover later.

Once you have selected ‘Mint’ then Hicetnunc will prepare your NFT: 

You will then need to confirm this mint on Temple here:

The Temple wallet will then let you know if the transaction has been successful:

To view the NFT you have minted you will have to click the main menu bar and then select ‘Manage Assets’, this is where you will be able to list the minted NFT for sale.

In the ‘Manage Assets’ section, you should be able to see the NFT you minted. Here, you can simply click into the NFT you want to curate and you will see on the screen that the NFT is ‘Not For Sale’. You will need to select the ‘Swap’ option on this screen:

Once you have selected ‘Swap’ you will then be able to state how many NFTs (out of the original amount you minted) you would like to swap/curate (list for sale) and for what price you would like to sell each individual NFT for (not the total amount of NFTs):

Here, you can enter the amount of NFTs you would like to sell from those you originally minted in the ‘OBJKT amount’ section. After this you can also enter the price (in tez) that you would like to sell each individual NFT for:

You will then have to confirm the curation on Temple:

The Temple wallet will let you know if the curation operation has been successfully submitted:

Now, you will see your NFT for sale at the quantities and price you set:

Canceling And Burning Your NFTs

Hicetnunc recently added the ability to swap, cancel and burn your NFTs. In order to do any of these options, go to the ‘Manage Assets’ option again and you will also be required to sync your wallet and Hicetnunc together again.

Once your wallet is synced you will see the option to ‘Cancel’ your NFT on the ‘Listings’ section shown here:

The ‘Swap’ option is like ‘Curate’ and will enable you to swap your NFTs from your wallet to Hicetnunc (for example if you did not create everything you minted).

Canceling will remove your NFTs from the Hicetnunc market, meaning they will be marked as ‘Not For Sale’. This can be handy if you want to change the price of your NFTs. In this case you could ‘Cancel’ and then ‘Swap’ at a new price.

The ‘Burn’ option will permanently delete the NFTs from the network.

Viewing Your Sales On The Temple Wallet

In order to view your sales you can either view them on the Hicetnunc platform by viewing your assets in the ‘Manage Assets’ section, or you can find more detailed transactional information on the tzkt.io block explorer here.

In order to do this, you will simply need to copy your Temple wallet address, shown here:

Once you have copied your Tezos Temple wallet address you can then paste it into the tzkt.io address bar as shown here:

Here, when viewing your Temple wallet address when in tzkt.io you will be able to see any sales that have been coming in. These come in groups of two transactions with Hicetnunc. The first transaction covers the 10% royalty fee you placed when minting the NFT, and the second transaction relates to the rest of the NFT purchase.

hDAOs And Adding Them To Your Temple Wallet

The hDAO token is the governance token for the Hic Et Nunc platform. hDAO is available to buy on Quipuswap here

Initial hDAO distribution went as follows:

For the first 45 days of Hicetnunc’s existence buyers and sellers could gain hDAO tokens (via distribution) when transactions were made. When a transaction was made 50% of the XTZ price in hDAOS were sent to both the buyer and the seller. 

So, for example, if there was a purchase of an NFT image that cost 100 XTZ then the buyer would have received 50 hDAO tokens and the seller would also have received 50 hDAO tokens. Hicentnunc also takes a percentage of 2.5% in hDAOs on each transaction.

hDAOs can be used to make NFTs more visible in the platform in the hDAO filter feed, found here

In order to be able to see what hDAOs you have, you can add them to your Temple wallet.

Select your Temple wallet in your browser and then select the ‘Manage’ option here:

Here you will see some tokens you hold in your wallet and this will also include your own NFT token you minted (highlighted in the image below), however in order to see your hDAO tokens at this present time, you will have to add them manually. In order to do this select the ‘Add Token’ option here:

Once you’ve clicked ‘Add Token’, you will then need to add the details of the token you want to add. You need to add the hDAO token with the following details:

Token Type: FA2

Address: KT1AFA2mwNUMNd4SsujE1YYp29vd8BZejyKW (The hDAO smart contract address)

Token ID: 0

Symbol: hDAO

Name: hic et nunc DAO

Decimals: 6

The logo should fill in automatically. Then select ‘Add Token’.

Once done, you will be able. to see your hDAO tokens sitting within your Temple wallet:

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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