Hicetnunc Introduces ‘OBJKTs’ NFT Minter, NFTs Minted On Tezos Under $0.02

Hicetnunc

XTZ News has previously introduced Hicetnunc before when we conducted an interview with the founder, you can find our introduction to the project here:

Hicetnunc is a Tezos project coming out of Brazil created by Rafael Lima as part of the Tezos Foundation Cohort 4 funding. The phrase Hic Et Nunc means ‘Here and Now’ in Latin. The project was initially designed to

“build an application on Tezos geared towards users in the e-sports community that will allow them to take part in crowdfunding and crowdsourcing initiatives by creating campaigns to support goals, events, and championships.”

Since then Hicetnunc has also evolved into more than just a tool for the e-sports community, but a tool for creating micro-funding DAOs for any purpose. The Alpha has already been launched: hicetnunc.xyz.

In actual fact, the potential for these DAOs is not just restricted to micro-funding protocols and it is anticipated the DAOs will be customizable for multiple purposes. The Hicetnunc DAO supports some metadata schemes within IPFS meaning it has an updatable field.

OBJKTs

On February 8th Hicetnunc tweeted that they had minted an NFT using the OBJKTs feature:

This was minted using this feature that can be found on the Hicetnunc website. The actual NFT that was minted can be found here. Hicetnunc uses IPFS to store the NFTs, the IPFS hash to store this NFT can be found here.

Hicetnunc stated:

the latest fa2:fa2 swap smart contract optimized such op from 0.5 tez to 0.05 tez 🙂

and later added:

it costs like 0.03 usd to mint and swap a nft 

These figures appear astonishing when compared with Ethereum prices to mint an NFT. In August 2020 developer Austin Thomas Griffith stated:

Based on the current gas prices, it costs between $15.00 and $50.00 to mint a single piece of NFT artwork on Ethereum and $3.00 or more to send it to another account.

Since this point it appears the cost to mint NFTs has got even worse:

With many people experiencing costs to mint an NFT ranging from $20-$50 on Ethereum, it is leading many to look for alternative minting options.

We have seen the introduction of ‘Gasless minting’ on Ethereum, however this form of minting doesn’t show on the blockchain until it’s transferred, or purchased. Also, there are the hefty transfer fees to pay once this event does eventually occur. 

With Hicetnunc (and other Tezos NFT Minters such as OpenMinter and Kalamint, which is due to launch in February), it appears there is a solution to these high NFT minting fees on Tezos. Not only that, the swapping fees are also extremely low with Hicetnunc stating it costs around $0.03 to mint and swap the NFT in total, meaning the cost to swap was around $0.01.

When taking into account the Ethereum cost mentioned in the quote above costing $3 to swap (when Ethereum transaction fees were cheaper), this represents a big difference.

The NFT Hicetnunc minted cost 0.005674 tez. When translated into Dollars using CoinGecko XTZ > USD Converter, this equates to $0.019 at the time of writing. We ran a minting test for ourselves and confirmed a minting price under $0.02.

When taking into a minting cost of $50 to mint on Ethereum, this represents a 2631X reduction in fees. Even at the low point of $20, it still represents a 1052X reduction. 

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.