Explore Hic Et Nunc, a decentralized NFT platform powered by Tezos. Mint and sell your NFTs with ultra-low fees ($0.02–$0.03), without the need for pre-approval. Learn about the hDAO token, decentralized governance, and the benefits Tezos offers compared to Ethereum. This comprehensive guide is designed for both artists and collectors.
What Is Hic Et Nunc?
The concept of non-fungible tokens (NFTs) has gained significant traction in the cryptocurrency sector in recent years. Numerous innovative NFT projects and trading platforms have emerged in this short span, with most built on the Ethereum blockchain.
Other blockchains have also experienced rapid growth in NFT platforms. Hic Et Nunc stands out as one of the most popular NFT marketplaces beyond Ethereum—an accessible platform that empowers artists and creators to monetize their work on the Tezos blockchain.
Hic Et Nunc previously went through a tumultuous period, including an abrupt shutdown followed by a revival under new management just days later.
The platform features its own fungible token, hDAO, used for NFT promotions and platform governance. hDAO is capped at 651,000 tokens and commands substantial market capitalization.
Overview of Hic Et Nunc
Hic Et Nunc (Latin for "Here and Now") is the leading NFT marketplace on Tezos and ranks among the top NFT platforms overall. Its primary advantages derive from Tezos' technical efficiencies.
Tezos delivers transaction speeds about three times faster than Ethereum. More importantly, transaction fees average just $0.02–$0.03 on Tezos, dramatically lower than Ethereum's typical fees, which regularly exceed $40.
Leveraging Tezos' low fees, Hic Et Nunc gives creators an affordable platform for NFTs. Listing an NFT costs about 0.05 XTZ. When selling an NFT, a 2.5% transaction fee applies to the total sale price—these fees support Hic Et Nunc's ongoing platform maintenance.
Unlike many other platforms, Hic Et Nunc does not require permissions or pre-qualification to list NFTs. This open, democratic approach ensures that all creators can easily participate.
Creative assets represented by NFTs are stored on the distributed storage network IPFS. IPFS is a secure storage protocol where each asset receives a unique hash identifier.
Unlike conventional web storage—where content can be changed without altering its URL—IPFS generates a new unique hash for every modification. This makes IPFS an ideal solution for preserving creative assets in a secure, fraud-resistant way.
The hDAO Token: Utility and Governance
Hic Et Nunc launched with its native utility and governance token, hDAO, capped at 651,000 tokens. The entire supply was distributed in the platform's early months to NFT buyers and sellers as usage incentives.
Since no new hDAO tokens will be issued, they can only be acquired from current holders. On Hic Et Nunc, hDAO serves two primary functions:
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Utility token for NFT promotion: The marketplace offers a promotion feature allowing users to spend hDAO coins to boost their NFTs in ranking, increasing visibility for creators.
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Governance token: hDAO is intended for voting on core platform rules and future direction. However, while hDAO is designated as the governance token, the platform has not yet defined or published any specific governance mechanisms, rules, or processes. Further clarity on governance and hDAO's role is expected in the future.
How Hic Et Nunc Works
Creators mint NFTs on Hic Et Nunc using Tezos' FA2 token standard, which supports both fungible and non-fungible tokens—unlike Ethereum, which uses separate token standards for each type.
Minting an NFT on Hic Et Nunc involves the following steps:
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Use a compatible wallet: Hic Et Nunc recommends Temple and Kukai wallets, but other options like Spire, Galleon, Umami, and AirGap are also supported. Users select wallets based on their security and interface preferences.
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Register your OBJKT: On Hic Et Nunc, each NFT asset is called an OBJKT. Registration requires details such as description, format, any royalties (if you do not hold the intellectual property and are only reselling), and uploading the asset to secure IPFS storage. The maximum file size is 100 MB.
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Wait for confirmation: NFT minting is typically confirmed in minutes, as Hic Et Nunc does not require asset approval. Once confirmed, you can set your NFT price and list it for sale.
NFTs remain permanently on the Tezos blockchain—there is no direct deletion. Instead, you must burn your NFT. Hic Et Nunc provides a burn function that transfers your NFT to a designated burn wallet, which is the closest equivalent to "deleting" an NFT from the ecosystem.
The Hic Et Nunc Closure Incident
Hic Et Nunc's creator, developer Rafael Lima, unexpectedly announced the immediate closure of the platform, which had become a leading NFT marketplace.
Lima's motivations for the abrupt shutdown remain largely unknown, leaving users confused and anxious. However, just days after the announcement, blockchain development company DNS took charge of restoring Hic Et Nunc and quickly completed the task.
DNS's rapid recovery effort highlights the resilience of decentralized blockchain platforms. Lima was the "owner" in terms of primary code contribution, but the decentralized infrastructure—NFTs on Tezos and creative assets on IPFS—operated independently of his personal involvement, enabling DNS to revive the platform seamlessly.
DNS transferred the marketplace's main website from hitetnunc.xyz to hitetnunc.art and appointed original contributor Joseph Magly to oversee the new domain.
Magly, who collaborated with Lima on Hic Et Nunc, became the lead coordinator. He has noted that Lima remains a significant figure for the platform, even after stepping back from active management.
Following a brief disruption from Lima's announcement, Hic Et Nunc swiftly resumed operations, underscoring the durability of its decentralized model.
Future Outlook for Hic Et Nunc
Hic Et Nunc's outlook is strong. It remains one of the most popular NFT marketplaces, and likely the top Tezos-based option—a dominance expected to continue for years.
Tezos' technical advantages will drive future growth. The closure incident caused only temporary volatility, and DNS's transition to active management is poised to benefit the platform long term.
The platform's latent potential is considerable, and DNS is expected to guide its evolution. For example, although hDAO is specified as a governance token, governance rules have yet to be developed or exercised—an area where DNS's leadership could enhance the project.
Improved website usability and better NFT categorization would further support platform growth. DNS, as a team-based organization with established processes, is positioned to deliver the necessary changes. What appeared to be a sudden demise may ultimately prove beneficial for Hic Et Nunc and its community.
With Tezos' technical strengths, new management, and room for expansion, Hic Et Nunc is likely to remain among the leading NFT marketplaces in the crypto ecosystem.
FAQ
What Is Hic Et Nunc and What Is Its Role in the Tezos Ecosystem?
Hic Et Nunc is an NFT platform built on Tezos, enabling artists to issue NFTs with minimal fees. It plays a vital role in the creation, distribution, and monetization of digital art in the Tezos ecosystem.
How Does Hic Et Nunc Differ from Other NFT Platforms?
Hic Et Nunc is a decentralized NFT marketplace built on Tezos, emphasizing community autonomy and no centralized control. It focuses more on artist rights, offers lower transaction costs, and maintains a more open and transparent ecosystem than other platforms.
Select your digital asset, pay a fee of 0.08 XTZ, and submit it for minting. The process is straightforward and requires just a few quick steps on the platform.
What Is the Cost to Trade NFTs on Hic Et Nunc?
Each NFT transaction on Hic Et Nunc costs 0.08 tez. The platform closed in 2021, but blockchain records remain accessible on Tezos.
Which Wallets and Payment Methods Does Hic Et Nunc Support?
Hic Et Nunc supports wallets compatible with Tezos (Temple, Kukai, Galleon). Transactions use XTZ (Tezos) directly, with no platform fees, for an efficient and decentralized digital asset trading experience.
Why Choose the Tezos Blockchain Instead of Ethereum for Creating NFTs?
Tezos offers much lower fees (about $0.20 per NFT), reduced energy use, fast transactions, and a unique self-upgrading protocol. These advantages make it the preferred platform for artists seeking affordable NFT creation.
Hic Et Nunc closed in 2021, but users' digital assets remain secure on the Tezos blockchain. Smart contracts and NFTs are protected and can be traded on other platforms.
What Are the Future Development Prospects and Sustainability Plans for Hic Et Nunc?
Hic Et Nunc focuses on sustainable growth and low transaction fees via Tezos. Although the original platform closed, the community continues to develop derivative platforms, strengthening a fairer and more decentralized NFT ecosystem.
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
