Welcome to Blockchain Digest, a weekly look at the various blockchains used for NFT minting, their ups and downs, and what makes each technology unique. This week we’ll dive into Tezos-based NFTs and their recent rise in popularity. Tezos NFTs are celebrated for their sustainability and affordability, but what makes them different from other NFTs, and what’s planned for the future of Tezos?
What makes Tezos NFTs unique?
Tezos is a well-known proof-of-stake cryptocurrency and had the biggest preliminary ICO of all time, at $232 million. Tezos features a self-amendment protocol that allows it to upgrade itself (usually) without the need for a hard fork. Users still suggest and vote on amendments, but the process is less cost-intensive and more seamless than many other cryptocurrencies. These self-amending properties will theoretically allow Tezos to continue to evolve its NFT capabilities smoothly.
As it stands, Tezos NFTs mimic Ethereum NFTs in many ways, so why do some creators opt to use Tezos instead of Ethereum? The main argument for minting on Tezos is the environmental impact. The energy used annually to mint Tezos NFTs and validate transactions is in the range of 60MWh (a continuous draw of roughly 7 kilowatts). On the other hand, Ethereum’s energy usage is estimated at 26TWh (a continuous draw of 3 gigawatts). This means Tezos is a staggering 2,000,000 times more energy-efficient than Ethereum!
Where do you buy Tezos NFTs?
Hic Et Nunc went live on March 1, 2021, and was greeted by more users than we could have ever imagined. By the end of April, Hic Et Nunc had more daily active users than the NFT powerhouse, OpenSea. Unlike other popular marketplaces, Hic Et Nunc is primarily known for low-cost NFTs that often feature multiple copies instead of 1/1s. Hic Et Nunc still has a lot of growing to do in terms of features and user interface, but they have a dedicated team of developers and an ever-growing user base that promises a bright future.
Kalamint was set to launch on February 18, 2021, but didn’t officially go live until March 23, 2021. Although Kalamint failed to be the first major Tezos NFT platform, it still has a growing user base and differs from Hic Et Nunc in several ways. Kalamint selectively onboards quality artists and has a team dedicated to preventing plagiarism. Kalamint is a much smaller platform than Hic Et Nunc and still has a lot of growing to do as well, but it serves as another unique source to buy and sell Tezos NFTs.
What’s in store for Tezos NFTs?
Tezos is completely decentralized and isn’t owned by any single entity; thus, there is no official roadmap for the Tezos blockchain. Instead, you can view current amendment proposals on TezosArgora, to get a feel for what changes might be on the horizon. For example, Tezos recently adopted the “Edo Protocol” to provide more privacy and a better developer experience. Although it is unknown what NFT-related developments we’ll see for Tezos NFTs, you can be sure we’ll see them if the Tezos NFT user base continues to grow.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.