Hashmasks, NCT - Make your mark in history & become immortal

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The NFT market is growing fast, like it or not there is a huge market for NFT's & it is only going to get bigger. Peroid. Three years ago, the entire NFT market was worth no more than $42 million. By the end of 2020, it had grown 705% to $338 million in value, this is from Nonfungible.com, which monitors the NFT marketplace. As you can see NFTs aren't going to stop which makes this a huge investment opportunity.

How can I become immortal?

In 10 years time all of the personalised changes that can be made with NCT on Hashmask NFTs will be permanent & the the NFTs/Artwork will be considered complete, so whatever is on the NFTs after this time will be on them forever. The name changing token will no longer be name changing in the end. The NFTs on the network will go through multiple change and transformation by it's users & will ultimately end up with whatever personalisation is left on them when the final NCT is burnt.

Let's take a look at this fascinating & ingenious idea.

So what is it?

Hashmasks

Hashmasks is a living digital art collectible created by over 70 artists globally. It is a collection of 16,384 unique digital portraits. Brought to you by Suum Cuique Labs from Zug, Switzerland. By holding the artwork, you accumulate the NCT token on a daily basis, which allows you to choose a name for your portrait on the Ethereum blockchain. This is your opportunity to be among the first to participate in one of the largest collaborative NFT art projects in existence.

Each mask has a distinguishable feature, the most noticebale being skin color, character, mask and eye color. This can be seen below.

Immortalize yourself on-chain

You are not simply buying a piece of rare art. You are part of the art piece. The smart contracts allow you to assign a name to your Hashmask giving you the ability to add your unique stroke to the canvas. Thus, you become one of the founding creators that shaped this raw canvas into a timeless work of art. Your NFT can serve as your digital identity as we shift towards a fully digital economy. We love the idea of this being our digital identity, allowing people to express themselves in a new way online through artwork.

Introducing the NCT

The Name Changing Token (NCT) is the native token of the Hashmasks artwork. The NCT serves only one single purpose: It allows its holder to give their Hashmask a unique name that is permanently stored and publicly visible on the Ethereum Blockchain. Thus, commoditizing the name itself and making it the rarest of all attributes within the entire project. This opens up a whole new dimension for collectibles where the value hierarchy of the individual pieces of the whole collective art is highly impacted by the preferences of the consumers.

Each day, 10 Name Changing Tokens (NCTs) are accumulated by each Hashmask and can be claimed by the current holder. When you have 1,830 NCTs (about ½ years worth of NCTs), you can burn these tokens and change the name of your Hashmask on-chain. The smart contracts require each name to be unique, thus, creating a second layer of scarcity within the artwork. After exactly 10 years, on 26 January 2031 (Timestamp: 1927206000), the last NCT will be emitted and from then on, the supply will only decrease until one day, the last NCT token is burnt and the art piece is complete. How brilliant is that! Not only will you have the chance to make your mark & make whatever changes you desire but eventually your mark will be permanent.

Any participant during the first 14 days of the contribution period will receive 1 years worth of NCTs (3,660 NCTs, the equivalent of 2 name changes). After the 14 days, each Hashmask will start with enough supply for a single name change (1,830 NCTs).

We love this idea, people love the idea of playing a part in the creation of what they own & this personalisation is incredible. When I first saw this what sprung to mind was personalised number plates, another way people like to express their personality.

The Next Generation of Digital Art Collectibles

Hashmasks introduces a combination of digital art and collectibles with a value hierarchy determined by both the creator and the consumer of the artwork. Unlike other collectibles, where the rarity of all traits is set out by the creators, Hashmasks have included two layers of scarcity: It provides a set of traits to provide general guidance to the consumer, but it has also created many implicit traits not accounted for. Above all, the control over the rarest of all traits – the name – is given to the full extent to the consumer.

Naming is commoditized via the Name Changing Token (NCT), which can be interchanged with other participants of the artwork. Each name is unique and can only belong to one NFT. Hashmasks is the first collectible where the value and rarity of each piece within the collection is not predetermined, but will change and adapt over many years before it takes its final form when the last NCT is burnt.

NCTs pass on the decision power over the rarest of all traits, a unique name, to the consumer, thus, eradicating the invisible line separating the creator and the consumer of the artwork.

Their Rules

No name can be identical
There is a limit of 25 symbols (including spaces)
Uniqueness is case insensitive (i.e. «John» and «john» are considered the same for the blockchain)
There are no leading or trailing «spaces»
Only alphanumerical symbols are eligible for use
Used names become available immediately after the name of the NFT was changed

Emission Rate of NCTs

Each year, approximately 3,660 NCTs will be accumulated by each Hashmask. You need 1,830 NCTs to change the name of your Hashmask. To give more deciding power over early participants, each participant in the first distribution period (14 days) will receive an additional 1,830 NCTs. After 10 years, the emission of new NCTs comes to a halt. From then on, NCTs can only be burnt until one day no NCTs are left and the names of the Hashmasks cannot be altered anymore. The artwork is then considered complete.

Number of NCTs emitted per year per NFT: 3,660 Number of NCTs required for one name change: 1,830 Bonus NCTs for initial sales phase: 1,830

Types of Rarity

Explicit Rarity

This is an overview of an artworks rarity hierarchy. Simply put:

Creator chooses the features their artwork will have & each choice has it's own rarity level. For example In hashmarks art robots are seen less frequently compared to figures of men, making Hashmasks robot NFT have more explicit rarity.

Implicit Rarity

This is layer no 2 with the scarcity features that adds uniqueness that make Hashmasks rare. This is where the user can add different items such as hairstyle, backgrounds and shirts. However, these features have different “uniqueness” degrees. As such, one shirt may have a higher rarity than another.

As mentioned above, Hashmasks are also originally unnamed, which means that the owner of the NFT has the responsibility of creating a unique name for their Hashmasks adding to the uniqueness.

Example of Implicit Rarity

On the highest level, there are 14 different types of masks. 12.5% of all characters wear an animal mask and only 5.9% wear a pixel mask. At first sight, pixel masks may seem more exclusive, but upon further inspection, you realize that there are only 13 Hashmasks that feature a unicorn mask, which is much more exclusive than the rarest of all pixel masks. Other examples of implicit traits with varying degrees of rarity are backgrounds, shirts, hairstyle and colors, and many more.

How Much are Hashmasks?

As with any electronic art prices are subjective & traders set the prices, so the possibility is endless & are only worth what someone is willing to pay! We can however look at previous sales. The most expensive Hashmask ever sold went for a whopping $650,000! Ending on that note, we think Hashmasks may offer huge value in the long term.

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