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Hicetnunc Launches The Ability To Buy And Sell NFTs On The Platform

Hicetnunc – A Tezos-Based NFT Platform, now allows for the buying and selling of NFTs on its website.

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Hicetnunc Curate & Collect (Sell & Buy)

Hicetnunc has added the ability to buy and sell NFTs on its website, becoming the first NFT platform to offer a marketplace type format on mainnet. On Hicetnunc, Curate relates to selling and this action is performed after minting. Collect refers to buying.

The platform will soon be joined by the highly anticipated Kalamint NFT minting and marketplace platform, which has recently been backed by Draper, Goren & Holm, a venture fund which includes world famous investor Tim Draper.

On Hicetnunc, users are able to sync their wallets, including the Temple Wallet (previously called Thanos), to the Hicetnunc platform authorizing smart contracts to use the system. 

Once authorized, users are able to mint NFTs and also set royalties for these assets of up to 25%. These royalties allow the creators to still make profit on their pieces in after-sales made by other people. At this point these royalties are only applicable if the Hicetnunc contract is used and this is currently set into the contract (however possibilities for cross-platform royalty systems are being explored).

If a royalty percentage is placed into the contract upon minting by the artist, then when a transfer is made in the future, two transactions are created, one to include the royalty to the original artist.

The example shown above shows a purchase on an NFT valued at 1 XTZ with a 25% royalty. You can see that the first transaction addresses the existing royalty on the NFT and the second transaction addresses the rest of the purchase. 

Minting Fees

At the moment it costs around 0.085 XTZ to mint an NFT on Hicetnunc, this represents a fee of around $0.30 as of today, previously Hicetnunc was minting for around $0.02.

The fees have increased from earlier minting fee processes, but this due to the inclusion of ‘royalties’ to the system and the batch minting of hDAO tokens (we will cover these next), creating extra transactions.

Hicetnunc are hopeful these fees can be reduced further in the coming weeks and after 45 days batch minting for hDAO tokens as a decentralized distribution mechanism will halt. It is therefore expected fees will also reduce in 45 days. 

Even with this temporary higher minting fees than normal within the Hicetnunc system costing 0.085 XTZ ($0.30), this still represents a 166X reduction in minting fees when comparing to a $50 Ethereum minting fee. 

The hDAO Token

For the first 45 days of Hicetnunc’s existance buyers and sellers can gain hDAO tokens when transactions are made. When a transaction is made 50% of the XTZ price in hDAOS are 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 receive 50 hDAO tokens and the seller would also receive 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 future and can also make NFTs swappable.

Immediate Success Stories

One of the first artists to mint on Hicetnunc was Koshino. He minted several taco visual variations and one sold for 200 tez.

A world-renowned artist “QuasiMondo”, otherwise known as Mario Klingemann also saw success on the Hicetnunc platform selling a special 1 of 1 introductory offer edition for 100 tez.

Future Advancements

Future proposed advancements to the Hicetnunc platform include a Javascript UI stack, Usernames/Nicknames, NFT auctions, the ability to re-curate, and even the potential to create a cross-platform royalty system.

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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