As a show of support to Hic et Nunc, the community organized the HENthousand Challenge. In effect, the number of transactions and volume soared. This initiative is also geared towards promoting new artists across the board and acquiring new users.
HENthousand Challenge
The HENthousand challenge is the brainchild of Artist John Karel. The mechanics of the challenge is very easy to follow: artists mint work in an edition of 10,000 NFTs and publish it on Hic et Nunc. The NFTs are available for 24 – 36 hours over the weekend. The challenge is like a flash sale because once time has run out, any unsold NFTs are burned.
What sets this challenge apart is that each NFT should only cost 1 TEZ. The idea is to lower the barrier entry to increase participation from new users, especially those just starting with their NFT Collection. Since Tezos is a PoS blockchain unlike ETH which runs on PoW, the gas fees are negligible so NFTs can be priced reasonably.
Looking at the Numbers
The challenge affected the charts positively. The transactions over the weekend jumped from 18,000 to 31,6000. Consequently, the active users increased from around three thousand to close to four thousand over the weekend. As it is, the exchange is on an upward trajectory because 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.
Prior to the challenge, the Tezos-based marketplace has been steadily growing and climbing up the charts. The thirty-day metrics show an increase in active users by 8% coupled with a more than 100% increase in volume. Even more impressive is how Hic et Nunc beat Rarible and Foundation in terms of new users. This means that the HENthousad challenge achieved its purpose of being a user acquisition campaign.
What sets Hic et Nunc apart?
Launched just this March, Hic et Nunc is becoming the go-to marketplace on Tezos. So the HENthousad challenge is just a boost meant to sustain the momentum.
The main draw of the Marketplace is the idea of green and cost-efficient NFTs. The underlying blockchain of the Marketplace is Tezos so users can easily trade with negligible costs. Other Marketplaces that run on the Ethereum blockchain are notorious for huge gas fees which usually turn off new users.
Another reason why Hit et Nunc is appealing to new users is the simplistic features of the platform. It is structured like a command prompt so the marketplace is very easy to navigate. The participation threshold is also very low; H= N shifts the focus from the platform to the works of art featured. As a result, the experience is like browsing a museum more than shopping for items on an e-commerce website.
Hic et Nunc’s green approach through Tezos is a response to the market demand. Thousands of NFT artists and collectors demanded to run blockchain transactions in a way that wouldn’t hurt the planet. This created a unique phenomenon wherein the community enjoys the services and feels passionate about the advocacy. This is a powerful combination so the marketplace has significant potential for further growth.
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This article is educational material.
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