NFT is short for a non-fungible token, a unique digital asset whose ownership is bought and sold online through the blockchain. They can exist in a multitude of forms from animated gifs, digital illustrations, trading cards and even an old tweet. Regardless of the medium, the NFT marketplace has provided artists and digital creators the opportunity to monetise their work independently and at a higher value. Dismantling the complicated and often privileged systems of galleries or auction houses.
However, as NFTs grew in popularity, so did the conversations around their negative ecological impact. Ethereum runs on proof-of-work (POW), which according to ethereum.org is the “mechanism that allows the decentralized Ethereum network to come to a consensus, or agree on things like account balances and the order of transactions.” This makes overwriting or attacking the Ethereum blockchain extremely difficult and prevents attempts of maliciousness, for example, users ‘double spending’ their coins.
Despite this functionality, the system consumes an enormous amount of energy, which is harmful to the environment. The entire Ethereum network is said to consume more electricity annually than the country of Israel.
Hic Et Nunc serves as a sustainable solution to this dilemma. Hic Et Nunc is based on the Tezos blockchain, it consumes over two million times less energy than cryptocurrencies that run on the proof-of-work system. Therefore, Tezos is considered a clean cryptocurrency – making it a guilt-free and more reasonable option.