Beyond the Frenzy: Exploring an Experimental Alternative to the NFT Market

The crypto market is prone to frenzy, which occurs in phases, particularly under bullish market circumstances. While Bitcoin and Ethereum prices remained stagnant in the summer of 2020, a small group of people embarked on an investment program that contributed to the birth of one of the most interesting areas in the cryptocurrency market today: DeFi.

A significant world-changing set of technical innovations came out of the frenzy, which include DeFi and NFTs. The result has been an increase in revenue generation in the blockchain industry. Well, NFTs are the latest in the trend, with billions of dollars pouring into the industry as artists, art collectors, and traders participate.

Hic et nunc, Rafael Lima's first Tezos-based NFT marketplace, held its inaugural hackathon dubbed "hicathon" on May 22nd and 23rd. The network, which is on the verge of reaching 100,000 coined items, is a preferred platform for a varied collection of worldwide artists which includes visual artwork, generative, intellectual, or interactive art, music, literature, and performances.

Mario Klingemann, a pioneering AI artist, Helena Sarin, a visual artist and software programmer, Joanie Lemercier, an early crypto artist, and LuluxXX are among the hic et nunc inventors. Participants worked on accelerating and prototyping innovative features like exhibitions, resales, and dApps, with critical strategic talks on the network's future and direction.

Significant debate topics focused on creating a decentralized governance mechanism for the hic et nunc hDAO token which is community-centric with no formal management or corporation behind it.

The hicathon also functioned as a test of self-organization and agreement building. Non-technical groups focused on laying the groundwork for a good governance architecture that would ultimately enable the audience to vote on the potential agenda of hic et nunc and make binding choices.

Rafael Lima, a Brazilian engineer, developed HEN an open-source project to create a decentralized “public smart contract infrastructure”.

It is built on the Tezos blockchain, which allows it to keep minting NFTs at low costs, making it more accessible to people all over the globe, particularly those that are just learning about NFTs and want to try them out.

At the time of writing, it cost 0.08 XTZ, the equivalent of 0.24 USD, to mint an NFT, Tezos also uses the Proof of Stake algorithm, which is considerably more energy-friendly than other blockchains like Ethereum, which runs on the Proof-of-Work structure.

The platform’s launch coincided with the #GreenNFT campaign, attracting environmentally and socially aware artists to the site. These considerations drove the forum to become known as NFTs’ “punk” area, in which everyone is welcome, where artists exchange materials, and where they participate actively in the community.

Participants will have unique collaborative wallet IDs and designate the proportion of sales each user should get in the new collaborative smart contract prototype. The team is mapping a plan on how it can help curators, add more customers, and enable everyone involved in the collaboration to mint NFTs. One aspect of the cards is a system for collaborators to sign the terms and conditions before establishing the contract and a possibility of altering contracts in the future.