Issue 16 🍵 The Rise of Hic Et Nunc

A new marketplace emerges, CryptoPunks news, and more.

Disclaimer: This newsletter is not financial advice. We buy what we like, and you should buy what you like.

When murmurs of a Tezos NFT marketplace appeared a few weeks ago, we didn’t think much of it.

But last week, it just keep popping up on our feed. So, it was time.

Hic Et Nunc (HEN) is an NFT marketplace that runs on the Tezos blockchain. Most NFTs run on a different blockchain, Ethereum, which is notoriously expensive to use.

On HEN, you can mint your art (termed as OBJKTS) for a few cents, instead of a few hundred dollars on Rarible or Opensea, which uses ETH.

And well, different environments shape different behaviors. If it costs a few hundred dollars to get your work up for sale, it doesn’t make sense to price your art for cheap—you’d never recoup the fee! In contrast, with a low-cost environment, you can afford to experiment.

The most impressive thing about this trend, to us, is how people managed to adapt.

The HEN website is crude, at best. It loads one image at a time, and there are no usernames, no search functions. It’s a quaintly charming experience, at best.

But on the more technical side, it’s really impressive how all these artists figured out a far less popular chain. The Ethereum network has far more documentation and tutorials, and moving to Tezos requires downloading new wallets and learning new tools.

And the artists managed it!

Our takeaways:

  1. UX clearly clearly isn’t a deterrent in crypto, when the need is strong enough.

  2. Despite the high fees and the slump in buying attention, artists aren’t all fleeing the space. They’re actually experimenting and falling deeper down the rabbit hole, which is great!

  3. If the artists can figure out Tezos, then what’s holding them back from participating in crypto-finance? Lack of DeFi awareness? Lack of financial literacy?

Other news

🧪 Larva Labs is hinting at a new project. They’re the same folks behind the famous CryptoPunks and Autoglyphs, so it’s definitely worth keeping an eye out for.

🐵 Oh, and on the subject of CryptoPunks: 1 floor Punk was more expensive than Bitcoin. Feels pretty monumental.

📗 Last Punk: a collective known as PixelVault are making a Punks-inspired comic. The characters appear to be designed off of existing Punks, and it’s really interesting how it’s collectors, not Larva Labs, driving this initiative. What a dynamic.

🚀 As of the time of this writing, the popular NFT game Axie Infinity is starting its migration to their custom network, Ronin. Exciting!

Reading list

  • Good primer on the financialization of NFTs from a research partner at 1kxnetwork. It tackles loans, crowdfunding, cooperatives, royalties, and a whole lot more.

Creative corner: Silvia Puff

Since this week was a Punk-heavy news week, it felt like a good time to share Silvia! In our subjective opinion, she made the best Punk-inspired series we’ve ever seen.

She mints a lot of cute, wide-eyed characters, and we were definitely impressed when we saw this Punk series. She clearly put a lot of effort to translate the Punks to her own style, and gah, they’re just SO CUTE.

You can find more of Silvia on Instagram and Twitter.

Try this: Metapurse Crypto Creator Program

Metapurse, the fund behind some of the craziest crypto art sales thus far ($69M for a Beeple!), are now looking to fund visual storytellers.

They’re working with Nas Daily, the popular media company, to train aspiring video creators to cover NFTs. Graduates of the program also will have the opportunity to participate in a paid, 3-month mentorship program.

Applications end in about 4 days, so if you or someone you know is interested, go check it out.

We’re always looking for feedback, so let us know if something didn’t make sense.

🍵 See you again next Wednesday!