Art project still highly decentralized
Hashmasks, a series of living digital art created by over 70 artists globally represented by non-fungible tokens (NFTs) has seen a surge in volume, traders, and sales activity. Furthermore, according to the project, after just 2 months of being live 4,000 wallets now hold at least one Hashmask digital collectible.
More importantly, looking at the last 30 days’ sale data according to DappRadar we see $11.9 million volume from 2,508 sales resulting in a floor price of around $4,744 for a Hashmask digital collectible. Interestingly, 9.2 million of that came within the first four days of launch.
Compared to other active NFT projects such as NBA Top Shot with a 24-hour volume of $5.87 million from almost 50,000 sales the volume and sales of Hashmasks look feeble. But, when compared to projects more similar in styles such as CryptoPunks or Art Blocks the surges look far more impressive.
Looking at notable sales within the last few days we see 3 sales adding up to a value over $47,000. Interestingly the two higher-priced, already named Hashmasks are considerably more expensive than the unnamed ones.
What is Hashmasks?
While CryptoPunks and Avastars have created the rarity themselves through the use of attributes, the creators of Hashmasks used a different angle. The included two layers of scarcity.
One layer is intended to provide general guidance to the consumer, but Hashmasks has also created many implicit traits not accounted for. Above all, control over the rarest of all traits – the name – is given, in full, to the consumer.
By holding the artwork, owners accumulate the NCT (Name Changing Token) token daily. Spending 1830 NCT tokens allows them to choose a name for the portrait on the Ethereum blockchain. Each holder can contribute to the completion of the art piece by giving a name of their preference to the Hashmasks they hold via the Name Changing Token.
After 10 years, the possibility to re-name individual art pieces becomes increasingly exclusive as the emission of new NCTs comes to a halt. The art series will reach completion when one day, name changes are not possible anymore because all NCT tokens have been used.
The NCT token also appears to apply a textbook utility case for a supporting token. It has a well-defined, easy-to-understand purpose within the Hashmasks ecosystem and without it, the entire mechanics would not function.