Tezos: The NFT-Revived Public Blockchain

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While newer blockchains like Solana and Avalanche have captured headlines with their soaring token prices, Tezos has experienced a quieter yet significant resurgence. Its native token has approached all-time highs, but for many newcomers, Tezos remains an unfamiliar name.

This is surprising, given that Tezos was an early pioneer in proof-of-stake (PoS) consensus and was once a leading project in the cryptocurrency space.

The Storied History of Tezos

The Tezos white paper was published in September 2014 and quickly attracted investments from prominent backers like Tim Draper and the Winklevoss twins. Three years later, in 2017, the project conducted a token sale that raised 65,000 BTC and 360,000 ETH in just two weeks—equivalent to approximately $230 million at the time. This was one of the largest fundraising events in crypto history.

Financial strength remains one of Tezos' defining characteristics. As of a January report from the Tezos Foundation, its holdings were valued at $1.176 billion, including $600 million in Bitcoin. If these Bitcoin holdings remain intact, their value would be substantially higher today.

Despite its substantial treasury, Tezos has maintained a lower profile than competitors like Solana and Avalanche. After the initial PoS hype subsided in 2019, the blockchain received little attention—not even the DeFi Summer of 2020 could reignite broad interest.

However, the recent NFT boom has begun to change that.

How NFTs Are Reshaping Tezos

As NFTs entered the mainstream, a surge of new participants entered the space. The crypto art niche, which saw explosive growth in March, later retracted—by June, total trading volume had fallen to one-sixth of its peak. Only recently has interest returned, with capital flowing back into crypto art platforms, partly driven by the success of projects like Art Blocks.

Throughout this period, while Ethereum’s crypto art scene struggled and platforms on Binance Smart Chain (BSC) received little traction, the Tezos NFT ecosystem demonstrated consistent growth. Its community expanded, and its presence on social media grew stronger.

So how did Tezos, once a quiet contender, become a notable player in the NFT space? The answer begins with Hic Et Nunc.

Hic Et Nunc: The Heart of Tezos NFTs

Hic Et Nunc (often abbreviated as HEN) launched in March 2021. The name, Latin for "here and now," reflects the platform’s artistic and philosophical ethos. It has become the central marketplace for NFTs on Tezos and is beloved for several reasons.

Environmental Considerations

Tezos promotes itself as an eco-friendly blockchain. While the environmental impact of Ethereum-based NFTs is debated, many artists and collectors are drawn to Tezos for its low energy consumption. Several traditional artists exploring NFTs have faced backlash from fans concerned about carbon footprints—Tezos offers a sustainable alternative.

Low Transaction Costs

Gas fees on Tezos are minimal. High Ethereum gas fees have long been a barrier for artists and collectors. Although platforms like OpenSea offer free minting options, these often rely on shared contracts rather than allowing artists to deploy their own. On Tezos, both minting and transacting are affordable.

Diverse Digital Art Forms

HEN has expanded the definition of crypto art. While many think of NFTs as images, videos, or music, HEN supports a wider range of formats: scalable vector graphics, 3D models, digital documents, web pages, and even executable code. This has significantly broadened the creative possibilities for digital artists.

A Strong Community Vibe

HEN began with a strong focus on generative art, attracting leading artists in that niche—many of whom later launched collections on Art Blocks. This initial community was tight-knit and supportive, a culture that persists today. Even as the platform has diversified, artists and collectors maintain close, collaborative relationships.

Accessible Pricing

Perhaps most appealing to new users is the affordability of art on HEN. Many pieces that might sell for thousands of dollars on SuperRare are available for just a few dollars—or even for free—on HEN. Many artists release their work in multiple editions at low prices, making collecting feel more like supporting and engaging with artists than making high-stakes investments.

This environment fosters a sense of community, transforming the marketplace into a social platform where appreciation is shown through collecting rather than just likes or comments.

Challenges on HEN

Of course, HEN isn’t without its issues.

The platform does not require artist verification, so抄袭 and unauthorized uploads can occur—a common issue on open marketplaces like OpenSea and Rarible. Users should always check that artists have verified social media profiles before purchasing.

User experience is another consideration. HEN’s interface is minimalist; some users appreciate its simplicity, while others find it lacking. For those accustomed to the filtering, sorting, and search features of larger platforms, HEN’s waterfall layout and combined primary/secondary market can be confusing. Additionally, terms like “OBJKT” (the platform’s term for an NFT) may not be immediately intuitive.

Transaction finality on Tezos is also slower than on chains like Polygon or Solana, and users cannot initiate a second transaction until the first is confirmed—which can be frustrating during high demand.

Despite these drawbacks, the Tezos NFT ecosystem is flourishing and adding fresh energy to the broader NFT space. The potential for future growth is significant.

👉 Explore more NFT marketplaces

Expanding Tezos NFT Ecosystem

Beyond HEN, several other platforms and tools enhance the Tezos NFT experience:

NFT Marketplaces

Essential Tools

Wallets for Tezos NFTs

Frequently Asked Questions

What makes Tezos an eco-friendly blockchain?
Tezos uses a proof-of-stake consensus mechanism, which consumes significantly less energy than proof-of-work blockchains like Bitcoin. This makes it an attractive option for environmentally conscious artists and collectors.

How do I get started with NFTs on Tezos?
Begin by setting up a Tezos-compatible wallet like Temple or Kukai. Then, visit marketplaces like Hic Et Nunc or objkt.com to explore, buy, or mint NFTs.

Why are NFTs on Tezos more affordable?
Lower transaction costs and a community-oriented culture encourage artists to price their work accessibly. This allows more people to collect art without significant financial investment.

Can I sell my Tezos NFTs on other blockchains?
Tezos NFTs exist on the Tezos blockchain and are not natively compatible with other chains. However, cross-chain bridges and wrapping services may provide solutions in the future.

Is Hic Et Nunc the only marketplace on Tezos?
No, several marketplaces operate on Tezos, including objkt.com, Kalamint, and OneOf. Each offers unique features and focuses.

How do I avoid scams on Tezos NFT platforms?
Always verify an artist’s identity through linked social media accounts. Stick to reputable platforms, and be cautious of deals that seem too good to be true.

👉 Discover advanced NFT tools

Tezos has found renewed relevance through NFTs, combining its technical strengths with a passionate community. While it may not have the hype of some newer blockchains, its low costs, sustainability, and creative culture make it a compelling destination for digital art and innovation.