Hicetnunc Introduces ‘OBJKTs’ NFT Minter, NFTs Minted On Tezos Under $0.02
Prelude: Hicetnunc has introduced a new feature to the Hicetnunc DAO ecosystem called ‘OBJKTs’. This feature can be found on the Hicetnunc website here.
Please note this feature is very new and should be treated accordingly.
This is a breaking news story and as such any information could be subject to change, or addition.
Disclaimer: Participating in DeFi systems and with DeFi Applications usually comes with high-risk. Extreme caution and thorough research must be undertaken by any user utilizing such systems, or applications. XTZNews does not endorse any DeFi applications mentioned in this article and has presented the news for public visibility only.
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.
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