Currently in the world of cryptocurrencies every path you take is going to lead you to the market of NFTs or the current decentralized economy. Above all, you will come across collections of illustrated art with ETH earnings such as the famous CryptoPunks, Cyber Dobermans and Bored Ape. Who on a daily basis make millions of dollars in transactions all over the world. Especially CryptoPunks, who has been stable since its launch and who has recently earned a million dollars just for an auction of its tokens.
And part of all this NFT hype, we can look at the new Hashmasks, which have recently become the current boom in the community – their demand is increasing by the day and the popularity stems from the fact that they seem to be one of the first NFT’s that allow you to shape them, not buy them ready-made.
What are hashmasks?
These new NFT’s are a collection of web art that was developed by a group of over 60 global artists, who call themselves Suum Cuique Labs. Although the creators remain anonymous for some reason.
For now it has been revealed that these curious masks have their inspiration thanks to the works of Jean-Michel Basquiat that developed in New York through the 80s. And for those of you who know which artist we’re talking about, you’ll now realize that they bear a strong similarity to the bright graffiti in his works.
Like most of NFT’s collections, each of the masks have different types of accessories or features on the character. Usually they tend to vary in skin color, character, mask and eye color. But this particular project has a big difference, and that is that you are responsible for naming your Hashmask. And this new feature is sure to bring new freshness to NFt.
Types of Hashmasks: Rares
When a collection of NFT’s has different types of illustrations, they can be determined with a word in order to classify each one. In the case of Hashmasks, “Rarity” is what adds value to them.
Explicit rarity
This is the first classification of Hashmasks and gives us a definition of the hierarchy of rarity of an illustration: There is no rarity to be seen, it is as simple as the buyer deciding the particular characteristics that their Hashmask has. But even so, it still has levels of rarity that vary depending on the base.
Implied rarity
The second type of Hashmask is a bit more personal in terms of rarity characteristics, as the simplicity of the illustration is decreased in order to input non-systemic characteristics that make the particular avatar different.
The implied rarity allows the buyer to enter their creative salvos in order to give their avatar their own personal touch and increase the value of the Hashmask. For example, the characteristic change of a hairstyle, background or clothing. But in particular, these features still have different types of “Uniqueness”. Since a choice in the shirt can decrease its value as one has more value than the other.
Both types of rarity in a Hashmask, adding the original creator and the consumer after him, can make the value of the Hashmask fluctuate from one change to another. The first level of rarity defines the explicit rarity, while the second determines the implicit rarity.
And as mentioned above, these also do not have an original name, so whoever bought the Hashmask after its creation is in charge of determining the name their avatar will carry, which will also influence the final price.
How many scarce hashmasks are in circulation?
In total there are 16,384 Hashmasks with different types of features. Among them are changing eye colors, masks, backgrounds and many more.
One of the special peculiarities of this project is that the customers had no idea what kind of Hashmask they bought in the process of launching the NFT’s, as they were all revealed after the sale was made, which interested the collectors because of its mystery and freshness compared to other projects.
The first owners of the Hashmask during the initial sales were lucky enough to receive name change tokens and bonus tokens. While those who bought Hashmask after the main sale period could see which Hashmask to choose but did not get free tokens.
Between the start of the sales and the distribution of NFTS, a total of $13.4 million was paid for each Hashmask. In just one week OpenSea had had more than 2,725 transactions due to the Hashmask alone.
Another peculiarity of this project is that unlike the others, it was only traded through the OpenSea marketplace. Which is a bit sad, because even if it facilitates sales, the resale fees will only benefit OpenSea rather than Suum Cuique Labs.
What is the name change token (NCT)?
The Name Change Token or NCT is the current Hashmask redemption that gives authorization to the illustration owners to be able to change the name of their digital work.
Hashmask names are part of the rarity of their work, which are given through Ethereum’s BlockChain. And to change them they need 1,830 NCT tokens. It is important to note that annually you accumulate 2,660 NCT if you own a Hashmask, but this is not eternal. NCT accumulation stops after you have owned it for 10 years.
In case you own a Hashmask and have accumulated enough NCT to change the name, the work itself has a nomenclature to comply with. This dictates that the name you choose needs to be unique to increase its value and must have a maximum of 25 characters, including spacing.
In addition, the names do not need to be case sensitive, cannot have leading spaces and must only have alphanumeric symbols. When the name is changed, the name previously given will be available to anyone else.
To change a name the only requirement is to check the ID in OpenSea to confirm that the name is available for purchase.
