Number of transactions and volume rise
Hic et Nunc, the most popular Tezos-based NFT marketplace, had a nice boost in activity over the weekend thanks to the HENthousand challenge. The community-organized event pushed both the number of transactions and the overall volume on the platform. Of course, there was a significant rise in active user wallets over the weekend. However, DappRadar shows that this metric is now falling.
The number of transactions Hic et Nunc processed over the weekend jumped significantly, to more than 31,600 on Saturday, compared to about 18,000 a couple of days before that. The marketplace also saw an increase in active users from around three thousand to close to four thousand on Saturday and Sunday. Not only that, over the past seven days, the number of transactions on the platform is up by 0.8%. The volume is also up by 13% to $712,890.
The Tezos-based marketplace has been steadily receiving more attention over the past few weeks. The thirty-day metrics show an increase in active users by 8%. There is also a rise in the volume going through the marketplace by more than 100%. The HENthousand challenge was a great push for the platform, as Twitter erupted with both artists’ and collectors’ posts. Because of the increased social media attention, people flocked to Hic et Nunc to see what the fuss is all about.
Hic et Nunc is also performing well compared to big competitors like Rarible and Foundation. In a recent DappRadar analysis, Hic et Nunc was reported to beat both renowned marketplaces in terms of active user wallets. Of course, a great deal of the attention going towards the Tezos-based platform is due to its novelty. However, initiatives like the HENthousand challenge are promoting Hic et Nunc to new users.
What is the HENthousand challenge?
Artist John Karel proposed the idea for the HENthousand challenge. The idea behind the challenge is simple: artists mint work in an edition of 10,000 NFTs and publish it on Hic et Nunc. The NFTs are available for twenty-four to thirty-six hours over the weekend. Once the time is up, the remaining NFTs that have not been purchased are burned.
An interesting condition to participate in the challenge is that each NFT should cost just 1 TEZ or $3,60 at the time of writing. According to John Karel, the idea is that artists give new collectors an opportunity to purchase low-cost NFTs. This could potentially jumpstart their new collection.
HENthousand was created to promote NFT art across the board. It was an opportunity for artists to showcase their work to a broader audience. The challenge was also an opportunity for collectors to find new artists and purchase artworks at accessible prices.
With such initiatives, Hic et Nunc becomes a go-to place for artists and collectors who are just starting out. Because of the lower pricing on NFTs, more people can easily start collecting or reselling NFTs. Additionally, as Hic et Nunc is operating on the Tezos blockchain, gas fees are usually low, compared to Ethereum-based marketplaces. DappRadar will continue following Hic et Nunc’s development, as the marketplace shows significant potential for further growth.