TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. Hashmasks is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with Hashmasks.
In this article, we’re gonna dive into the Hashmasks lore, answer all the Hashmasks related questions and even more. Prepare yourself for a fantasy story and a journey to the future of Hashmasks!
What is Hashmasks?
Hashmasks is an NFT collection of 16,384 unique digital art pieces that live on the Ethereum blockchain.
Hashmasks break free from the NFT norm – no rigid themes or confined genres here! It's a canvas for creators to unleash their creativity and let their imagination run wild. The outcome? A kaleidoscope of digital art pieces, each boasting its unique style, color palette, and theme.
What sets Hashmasks apart is the delightful twist: personalization galore! Owners hold the reins to tweak their Hashmasks – from altering the name to adding or shedding features. This isn't just art; it's an expressive extension of the owner's personality. Every Hashmask is a bona fide original, a digital reflection of its proud owner's individuality.
This is truly a piece of art encoded on the blockchain, and you get to change the picture to your liking!
Owning an NFT is different than screenshotting a JPEG - just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.
Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.
But how exactly is digital scarcity being enforced?
The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else.
As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.
The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.
Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.
As previously mentioned, Hashmasks NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT's metadata.
Understanding how to access an NFT's metadata is essential for holders to grasp the specifics of what they're buying.
Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:
Hashmasks have their own set of traits that make up their uniqueness. These are: background, character, eye color, glyph, item, mask, mask subtype, set, and skin color.
Hashmasks defy the traditional rarity game with a touch of sophistication.
First up, we've got explicit rarity – a straightforward hierarchy of rarity features handpicked by the creator. For instance, a Hashmasks NFT flaunting a skull mask stands out more than its human counterpart, as men are a more frequent feature. Explicit rarity simplifies the rarity evaluation, giving a quick peek into the artwork's uniqueness based on its features.
Then comes implicit rarity, a more personal rarity touch. It involves those non-systemic features that make each Hashmask a rare gem. This is where consumers infuse their personal flair into the Hashmask's value. Think hairstyle, background, and shirts – each with its unique touch. A specific shirt might boast a higher rarity than its counterpart. Implicit rarity adds a layer of intricacy, allowing for a bespoke touch to the rarity of Hashmasks.
Here’s the beauty: both explicit and implicit rarity dance together to determine the overall value of Hashmasks. The creator sets the explicit rarity, and then the torch is passed to the consumer to play the game of implicit scarcity. Oh, and don't forget the naming ritual – Hashmasks start life unnamed, leaving the owner to craft a creative moniker. That, too, chips in on the rarity and value stakes.
The Hashmasks NFT collection has been manually created, with the help of an algorithm. This means that out of the potential combinations, only 16,384 Hashmasks will ever exist!
What is the utility of Hashmasks?
Hashmasks make for an awesome avatar pic, but it’s also your ticket to the curious world of Hashmasks.
The first utility NFT holders have is the ability to change the name of their Hashmask. It may not sound like a lot, but it gives holders a chance to apply their own touch to the art.
Hashmasks also has its native token, called NCT.
The Name Change Token (NCT) serves a single purpose: to alter the name of the artwork through smart contracts. Here's a breakdown of the name change process:
Each day, a Hashmask accumulates 10 Name Change Tokens (NCTs), which can be claimed by the current holder.
As the holder collects NCT tokens daily, they gain the opportunity to select a name for the portrait on the Ethereum blockchain.
Upon accumulating 1,830 NCTs (approximately half a year's worth), the holder can burn these tokens to change the name of their Hashmask on-chain. The smart contract mandates each name to be unique, adding an extra layer of scarcity to the artwork.
In a decade, the last NCT token will be burned, completing the art piece.
As the Hashmasks brand expands, NFT holders will be able to continually earn rewards. Whether you are hodling for a season or longer, the Hashmasks ecosystem continues to explore new ways of keeping holders engaged.
Who created Hashmasks?
Hashmasks was created by Gautham Nekkanti aka 8 Mag and Hansen Wang aka White Chocolate on January 27, 2021. Most events revolve around the founders and their journey into the NFT space.
In the early days of the collection, the NFT industry was a canvas waiting to be painted. The founders, themselves avid collectors and contributors to the crypto community, recognized the untapped potential within the realm of non-fungible tokens. Inspired by the success of CryptoPunks they’ve decided to start creating the Hashmasks concept in mid-2020.
The actual work on the Hashmasks took well over 8 months and 75-80 different artists and graphic designers. Apparently, each individual artist has been handpicked and comissioned by the founders to help create a total 16,384 mesmerizing pieces.
Hashmasks defied convention by not adhering to the typical profile picture project trend. Instead, it positioned itself as a fine art collectible, a canvas for genuine artistic expression. The collection was a visual spectacle, drawing inspiration from diverse art styles, and avoiding the exaggerated features synonymous with profile pictures. The intent was clear – to offer an unparalleled visual experience that could be appreciated in full size, akin to a masterpiece adorning the walls of a gallery.
The founders understood the need for innovation and utility within the NFT space. To address the missing utility associated with profile pictures, a groundbreaking concept was introduced – the implementation of traits. Traits would not only enhance the artistic appeal of Hashmasks but also pave the way for future developments within the ecosystem.
Early on, the project had a key idea: 'naming.' This became a central part of Hashmasks. Instead of allowing random names, the focus was on making it special.
Then came 'NCT.' It's a simple idea but powerful. NCT was created to turn the ability to change Hashmask names into something you can trade. By using it as an ERC20 token, they opened up many possibilities on Ethereum. For example, you could easily give a friend the chance to rename their mask by sending them enough NCT tokens.
Hashmasks not only pioneered a new approach to NFTs but also played a pivotal role in reshaping the narrative of the NFT space. In a landscape that was transitioning from a focus on art to a speculative nature, Hashmasks retained its commitment to artistry while navigating the changing tides. The speculative fervor within the space, akin to the ICO era of 2017, underscored the need for sustainable growth and genuine appreciation of art.
The silent launch on January 28th marked the beginning of a groundbreaking venture, with all 16,384 Hashmasks selling out in just four days. The floor price started at 0.1 ETH ($130 at the time) and quickly rose up to 100 ETH. In total, Hasmasks generated $16 million in sales.
Unlike other projects, Hashmasks distinguished itself by embracing the punk ethos, forgoing a royalty contract, marketing team, or a predefined roadmap. This unconventional approach not only defied industry norms but also set the stage for a project that would captivate the NFT community.
In the following 365 days, Hashmasks achieved remarkable success, with over 40,000 trades on the secondary market and close to 5,200 unique owners. The collection became a beacon of creativity and individuality, fostering a community that extended beyond the digital realm.
Who is developing Hashmasks now?
Hashmasks was initially maintained by Suum Cuique Labs, an LLC based in Switzerland. Months after the project launched, its founders decided to turn over governance to the holders.
Hashmasks emerged without a roadmap, team, marketing, or secondary sales fee, deliberately designed to be steered by an enthusiastic community of collectors. The intricate mysteries and puzzles embedded in the project were intentionally left for the community to unravel, free from guidance by the founders.
The turning point occurred in the summer of 2021 when the MaskDAO was formed. Comprising passionate community members, including 8 Mag and White Chocolate, the DAO took on the responsibility of managing the project, ensuring its growth and continuity. The journey from enthusiastic collectors to active contributors marked a crucial chapter in the Hashmasks saga.
The initial move to establish a community-led initiative involved introducing a 2.5% secondary sales charge, channelling 100% of the proceeds directly to the DAO. On September 28th, 2021, the DAO received its first disbursement, officially kickstarting its financial journey. A dedicated team was assembled with a focus on amplifying the Hashmasks community.
The DAO promptly set in motion the development of governance structures, a marketing strategy, and a budget. Their initiatives included the launch of The Mask Museum, the exhibition of Hashmasks at the SCOPE Art Show in Miami during Art Basel week, and the facilitation of community cohesion through weekly Twitter Spaces and Town Halls.
Investors are also an important component of any NFT ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. As of 2023, Hashmasks hasn’t pursued any strategic funding. The project is 100% funded by secondary sales.
Currently, MaskDAO runs two-week Community Grants, fostering an efficient structure. In this setup, community members will be motivated to actively engage in brand promotion and Hashmask-related activities. Until a better verification system is installed, the DAO relies on voice verification to ensure each voter is a unique individual with a single vote.
Well-thought-out grant proposals can only be submitted by verified Hashmasks owners. Those presenting a Community Grant proposal must be ready to address queries and engage in discussions, both in voice and written formats.
How does Hashmasks make money?
Now, let’s get to the juicy part – how does Hashmasks make money?💰 (No, flipping and rug pulling are not the correct answers)
The answer to this question is strongly related to intellectual property.
Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes for NFT holders, in theory.
When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator.
As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT.
The founders of Hashmasks have authorized the use of the IP of any individual's owned Hashmasks. This means NFT holders have full commercial rights to the art in their owned wallets. There are no monetary limits on earnings from merchandise, derivatives, or other commercial uses.
Another way of generating revenue is via royalties. The MaskDAO earns 2.5% in royalties from every secondary sale. This gives the community the funding needed to evolve the project.
Where can I buy Hashmasks?
You can buy Hashmasks on OpenSea.