A new NFT project called Hashmasks is entrancing collectors with its colorful and mysterious artwork. Hashmasks are also originally unnamed. This means that the owner of the NFT has the responsibility of creating a creative name for their Hashmasks. Let’s explore more about Hashmasks in our newest article.
What Are Hashmasks?
Hashmasks are virtual artworks. They are created by a globally-distributed team of 70 artists managed by Suum Cuique Labs. An anonymous co-creator of Hashmasks said in an interview that the masks were heavily inspired by Jean-Michel Basquiat’s work in 1980s NYC.
Each mask has a distinguishable feature. The most prominent being skin color, character, mask and eye color. But a Hashmask is different from any regular NFT painting because each Hashmask is unnamed. Each NFT owner has the responsibility of naming their Hashmask. And so contributing to the artwork creatively in a way that the buyer of a painting usually doesn’t get to.
Art goes digital
“I have this work of digital art because it makes me seem a certain way in a digital community,” said the art critic Joshua Drake.
For him, NFT-based work most likely lends itself to what he called “posing”: collecting art as a method of reputation building.
Posing holds value in the flesh-and-blood art world as well.
NFTs act as a seal of ownership on a particular creation. Assembly of words or even collection of beats at a particular moment in time. That seal is valuable because a community says so.
ConsenSys CMO Lex Sokolin said that that’s not unlike traditional art:
“The ‘Mona Lisa’ is original and valuable. A poster of the Mona Lisa is not valuable, despite being nearly identical in visual information … Therefore, the art is valuable not for its collection of particular atoms in some particular order, but for its historical and social context. Recreating the object does nothing, because it does not contain the same social history.
With digital NFTs, the same logic is true. Just because you have an identical JPEG to the one anchored to the blockchain, does not mean you have an original worth anything, nor does your ability to look at it suggest anything from a collectible point of view.”
Types of Hashmasks Rarity
Hashmasks use the idea of rarity to give themselves value. Basically if something is more rare, it is more valuable. Unlike a regular painting, the rarity of Hashmasks can be measured a little bit more exactly.
The two Hashmasks rarity types, as well as the original creator and subsequent consumer, can determine the value of Hashmasks. There is explicit rarity and implicit rarity:
This type of rarity provides an overview of an artwork’s rarity hierarchy. There is nothing complex here. It is as simple as the creator choosing what features their artwork will have. Those features themselves have ranging levels of rarity. For example, in Hashmasks art, men appear more frequently than robots, so a Hashmasks NFT with a robot has more explicit rarity than featuring a man.
This gets a little more intimate with the scarcity features and removes the simplicity from art. This is to introduce non-systemic features that make Hashmasks unique and also rare.
Implicit rarity gives way for the consumer to fire up their creative salvos to add a personal touch to Hashmasks’ value. Examples of Hashmasks features include hairstyle, backgrounds and shirts. These features have different “uniqueness” degrees. Just like one shirt may have a higher rarity than another.
What Is NFTX Hashmasks Index (MASK)?
The NFTX Hashmask Index is a fund on the NFTX platform for non-fungible tokens (NFT) that allows users to use Hashmasks as collateral. The process earns the loanee the fund’s base asset called MASK.
How Many NFTX Hashmask Index (MASK) coins Are There in Circulation?
The coin has a maximum supply of 480 tokens.
How Is the NFTX Hashmasks Network Secured?
The network runs on the Ethereum blockchain. Therefore, the network leverages the security of the second-largest decentralized platform. Although Ethereum is migrating from a proof of work (PoW) to a proof of stake (PoS) consensus mechanism, the MASK-driven platform’s security leans on Ethereum’s PoW mechanism for now.
Where Can You Buy NFTX Hashmask (MASK)?
For those looking to lay their hands on the coin, it is available on SushiSwap, a DeFi exchange that offers token swaps. On the exchange, MASK pairs with wrapped Ethereum (WETH). If you’re a beginner looking to make your first crypto investment, look no further from our fiat on-ramp guide.
MASK Price is $951.73 at the time of writing.
How did the creators know what to build?
“We are the exact target audience. We just build what we would like. We didn’t have to do any analysis on people’s preferences because it’s just us,” said the anonymous co-creator Doe. “We hang in the same Discords.”
Doe’s passion work – borderless exchange of value – reflects his upbringing. He explained how he was raised in Berlin, attended high school state-side in Arizona, received his Masters in Economics in London before finally settling in Zurich. While he became interested in cryptocurrencies before the 2017 bull run. Doe only got into the NFT market this past summer.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.