Barely a week after its launch, the new non-fungible token (NFT) project, Hashmask, takes the NFT market by storm. Earlier today, a rare Hashmask was sold at 97,2 ETH, worth $139,100 as of today’s price.
What Are Hashmasks?
Hashmasks are living digital art collectibles that have been created by more than 70 artists from across the globe. There are a total of 16,384 unique digital portraits as of now.
Each of these artworks is uniquely designed to be part digital art and part digital collectible. They are all designed to possess five basic characteristics: eye color, mask, skin color, character, and an item.
This NFT was sold for $140K. Source. Twitter
Although every card possesses these characteristics, they all have varying degrees of rarity, which makes them truly unique. Interestingly, Hashmasks are unlike any other digital collectibles, such as CryptoPunks, where its creators already program the traits’ rarity.
Instead, Hashmasks provides its users with features that can guarantee scarcity and further vary the scarcity degree. One example of such a feature provides users with basic guidance on how the token works.
Hashmasks also have several unstated characteristics, which are not included in the five basic features. And above all – the users have the opportunity to give each Hashmask its rarest trait – a name.
Holders of the Hashmasks accumulate the project’s native token, Name Changing Token (NCT), on a daily basis. The NCT token supports the entire Hashmasks ecosystem.
By spending about 1830 NCT tokens, holders of the Hashmasks can then be eligible to choose a name for their portraits on the Ethereum network.
The project, which was launched a week ago, was founded by Suum Cuique Labs, from Zug, Switzerland. Currently, the project is the number one collectible Decentralized app (dApp), according to Dappradar. The project raised about $10 million four days after its launch by selling more than 15,000 Hashmasks.
NFT Market Continues To Expand
The NFT market is rapidly expanding and is attracting the interest of artists and art lovers. However, some skeptics are still wary of the market and feel more speculation than substance.
Last month, an ultra-rare alien CryptoPunk NFT was sold for 605 ETH, worth over $750,000 at the time. Similarly, in December, someone made the most expensive non-fungible token purchase after paying more than $800,000 for an NFT digital art collection.