NFT Platform Hicetnunc Opens Up Its Secondary Market

by | Mar 29, 2021 | Latest, NFTs

NFT Platform Hicetnunc opens up its secondary market. This means users are now able to sell NFT artwork that they have previously purchased on the platform.

NFT platform Hicetnunc opens up their secondary market, this allows users to re-sell any NFT they previously bought. This sets the stage for NFT collections to become a collection of investments since you can now try to sell NFT’s that you previously bought, and hope to make some profit.

The UI for the secondary market is still in development though, but the possibility to re-sell your NFT is now available. Even if you don’t really want to part with your NFT’s, you can still consider pricing them.

In the end, everything has its price so if you set a ridiculous price you either never sell, or you sell for a price you still feel good about. Either way, opening up the secondary market, is a start for price discovery mode for Tezos NFT’s.

In typical Hicetnunc fashion, news of the release was delivered in an understated way:

What’s next for the NFT ecosystem on Tezos?

Auctions. We have seen some private platforms that have an auction option. First of its kind was the very popular TzColors. Then we had the Alchememist,  who started an auction on his own website for his NFT series in collaboration with Mewnfish. Both sites sold NFT’s for unexpectedly high prices.

The biggest reason is the fact that transaction fees form no restriction for users to place a bid. If fees are $20 + to just place a bid that can be outbid a few minutes later, then a bidding war can cost you more than the price of the NFT itself. But not on Tezos-based platforms.

Placing a bid costs you about $0.01. Auctions represent a big advantage for NFTs on Tezos over Ethereum, due to the bid fee differences.

There is growing anticipation that auctions on platforms like HicEtNunc, TezAuction (launch on testnet is expected in April) and Kalamint bring the NFT market on Tezos to the next level. This will enable real price discovery will kick in.

A platform, or system to showcase your NFT’s on a display of your choice. This means that you can enjoy your art at home, displayed on framed screens.

XTZ News is currently in touch with a contact that is working on a solution that makes it possible for users to push any Tezos-based NFT artwork to a physical device, from your wallet, or any platform.

More on this development coming soon, including some other cool options.

XTZ News will be adding the secondary market feature to the Hicetnunc User Guide here shortly.

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