Hashmasks (NCT) Review
Introducing one of the largest living collections of digital art on the internet. Collaborated by over 70 artists from around the world, Hashmasks is a collection of over 16,000 unique digital works of art, sold as NFTs, that you can put your distinctive mark on.
The more you keep the artwork, the more Name Change Tokens (NCT) you will get each day. These tokens can be used to change the name of the artwork on the Ethereum blockchain, allowing you to add your own personal touch and make the piece rare.
For the first time, the scarcity of a piece is decided by the consumer rather than by the creator.
If you own a Hashmasks NFT, you are entitled to an unlimited, global, exclusive right to use, copy, and display the art, even for commercial purposes, such as selling merchandise with the art printed on it. This means you can monetize your purchase in any way you want, and even make a business and profit out of it.
Art Collectibles by NFT
With a combination of breathtaking standalone pieces of digital art and desirable collectibles, Hashmasks are creating a space where the value and the scarcity-of art are affected directly by both the creator and the consumer.
The creator can create NFT collectibles with rare traits, making them scarce and desirable, but the buyer then has full control over the rarest trait imaginable: the name.
Each collection was made by a different artist, so it has a lot of unique and different pieces in a variety of styles.
Every Hashmask is unique—with different mask styles, eye colors, and other attributes—but some have features that are rarer and more desirable than others, making them worth more on the resale market.
At the initial release, hashmasks are distributed to buyers randomly, with the buyer not being able to see their purchase until the 14-day release period is over. This is achieved using a random on-chain mechanism that ensures fair distribution. After this 14-day phase, all hashmasks will be displayed before you buy them, but at varying prices.
How Does Hashmasks Work?
The concept behind Hashmasks is simple enough; build the largest living collection of rare Hashmasks that you can and monetize them.
The aspect that sets Hashmasks apart from other collectible NFT projects is its unique name-changing feature. Not only does this give each buyer a direct input into the art they are purchasing, but it also adds an extra layer of scarcity to each NFT.
Names must be unique and can only be used once so you cannot use a name that is already in use somewhere on the blockchain by another Hashmasks user, and spaces may not be used. Once you have changed the name of your art, it will be stored forever on the blockchain until you decide to rename or sell it.
Using your unique hashmasks, you could create a personalized form of ID that can be used as we evolve into a more blockchain-based version of the internet, Web 3.0.
How Does It Work?
To change the name of your piece of art, you must first collect NCTs, or Name Change Tokens. Holders of NFTs will receive 10 NCT every day, an equivalent of 3,650 per year. 1,830 are required to change the name of your NFT, roughly half a year of holding onto it.
Once you have renamed your piece, the NCT used will be permanently burned, so they cannot be used again.
Names are changed using smart contracts on the blockchain and become a part of the timestamp. This means that your name will forever be affiliated with the piece, even if you decide to sell it.
What Are NCT Crypto Tokens?
Name Change Tokens (or NCT) are the life force of Hashmasks. These are what you use to add your personal touch to your purchased NFTs by changing their names.
Distributed to holders at a rate of 10 per day, it will take roughly six months of holding your NFT before you earn enough NCT to change its name—1,830 to be exact. This means the artwork’s name can be changed two times every year.
In 10 years, or January 2031, hashmasks will stop distributing NCT. The final tokens in circulation can then be used to change the names of NFTs one final time before all the tokens are burnt. This means that each piece has the potential to go through 20 name changes before its final iteration in 2031 when the artwork is finished and the NFT is what it will be forever.
The Rarity of NFTs Explained
Rarities on Hashmask come with two levels of rarity: designated explicit and implicit rarity.
To create some general guidance on the hierarchy of each NFT art collectible, the creators have designed each NFT with a set of characteristics, some of which are rarer than others. For example, robots are rarer than humans, and gold eyes are rarer than blue.
This will never change as the NFT circulates, as these rare attributes will always remain desirable.
Unlike other NFT collectibles, all hashmasks also come with a level of implicit rarity. This is in the name given to it by the owners. As any name can only be used once, it creates an extra level of desirability to be the owner of a specific name. For example, the NFT with the name Zeus will be much more desirable to many people than the NFT named James.
This level of rarity and desirability is entirely subjective, and how much extra value the name adds to a piece is largely determined by the buyers’ personal preferences. In this way, hashmasks are attempting to break down the line between creator and consumer.
How Does The Name Change Token Work?
The most unique feature of hashmasks is the ability to change the name of any work of art you buy. This is all made possible with the use of Name Change Tokens, or NCTs.
These are on-chain tokens that perform only one role: giving holders the chance to name their NFTs. Once they have been used for this purpose, they will be burned forever, so they cannot be recycled.
NCTs are accumulated at a rate of 10 per day per NFT, and it will take about half a year of saving these NCTs before you can change the name of your piece. In ten years, once all the NCT has been distributed and inevitably burnt, the names of the pieces can no longer be changed, making the name an integral and desirable factor of the artwork and a commodity in itself.
Hashmasks are attempting to break down the barrier between creator and consumer by giving direct control over the implicit rarity of each collectible to the buyer. Many people have a great name but cannot create digital art, so with Hashmasks, consumers can add their personalized mark to a piece and directly influence the value.
The use of NCT crypto tokens is innovative and gives them real value, especially as we approach the end of the ten-year cycle and they stop getting minted. By this point, well-named NFTs will also inevitably boost in value.
As this project has just begun, it is a great time to get involved if you can think of a truly inspirational name. You can still buy collectible Hashmask NFTs for cheap, but their value can skyrocket with a great name. This gives investors much more control over their investment and a much better chance of a high return.
So, if you want to leave your mark on one of the most innovative art collaborations on the internet, head over to Hashmasks now before all the best names are taken.
- Collaborated by over 70 artists from around the world, Hashmasks is a collection of over 16,000 unique digital works of art, sold as NFTs, that you can put your distinctive mark on.
- To change the name of your piece of art, you must first collect NCTs, or Name Change Tokens.
- The Rarity of NFT ImplicitUnlike other NFT collectibles, all hashmasks also come with a level of implicit rarity.
- NCTs are accumulated at a rate of 10 per day per NFT, and it will take about half a year of saving these NCTs before you can change the name of your piece.
- You can still buy collectible Hashmask NFTs for cheap, but their value can skyrocket with a great name.
Further Name Change Token Information
- Name Change
- Price $0.0026
- Market Cap