NFT Non-Fungible Token

Hashmasks: The Standard NFT for Digital Art

hashmask NFTs Non-fungible tokens

Hashmakes are getting much popularity in the NFT market probably due to its nature of featuring a secret message out of the Da Vinci Code. Hashmakes lets the creator have the authority to shape the artwork which is again one of the main reasons for its explosive popularity these days.

Hashmasks are virtual art pieces made by a group of 70 specialists led by Suum Cuique Labs. A co-maker of Hashmasks, who presently likes to stay mysterious, said in a meeting with Coindesk that the covers were vigorously motivated by Jean-Michel Basquiat’s work in 1980s NYC which is clear to those acquainted with Basquiat’s graffiti-like, bright-colored portraits.

In the end when we collected all of those artists, my partner and I created the whole piece—the masterpiece—of which most were made using an algorithm, and about 20% were made by hand,” David, the creator of Hashmasks said. “We are the artists of artists,” he added.

We were quite confident that it would grow. My partner and I are our exact target audience; we are the exact people we are building products for,” David also added while talking about his target audience for the NFT artwork.

Each mask has a discernable element, the most noticeable being skin tone, character, veil, and eye tone. In any case, a Hashmask is not quite the same as any standard NFT painting, because each Hashmask is anonymous and each NFT owner has the duty of naming their Hashmask.

Hashmasks combine digital artwork with collectibles. The works of art are digital masks hashed on the Ethereum blockchain, successfully transforming them into non-fungible tokens (NFTs). Since they influence Ethereum’s ERC-721 symbolic norm, NFTs are not tradable on standard cryptographic exchanges like Binance or Uniswap. All things considered, platforms committed to NFT trading, for example, OpenSea can offer these services.

There are 16,384 Hashmasks with particular attributes, for example, eye tone, covers, foundation, and many more such elements. However, the buyers of the Hashmakes did not know which Hashmasks they had bought during the first sale period, as the NFT was just uncovered after the deal adding a layer of mystery to the art sells off.

During the initial six days of the distribution, buyers purchased $13.4 million worth of Hashmasks. In only one week, OpenSea recorded 2,724 Hashmasks trades creating $8.9 million in benefits to their creators, with the NFT-exchanging platform making more than $220,000 in fees.

Eminently, dissimilar to other NFT projects like CryptoKitties, the Hashmasks project is just exclusively trading on OpenSea. Tragically, while this presents a focal exchanging setting, it likewise implies that resale expenses advantage OpenSea rather than Suum Cuique Labs.

The Hashmasks have all been sold, yet their heritage vows to impact the NFT business in the near future.

As of now a set up secondary market for the crypto-collectibles, which has so far scored up to $16 million in trades, with individual Hashmasks selling for anyplace somewhere in the range of $1,700 and $17,000.

Be that as it may, taking everything into account, their task is finished. The needle of advancement has been pushed ahead, and—similar as Bitcoin’s obscure designer Satoshi Nakamoto—the creators behind Hashmasks will not indulge in it any longer.

We are not going to interfere,” David said, adding, “The mystery is part of the magic.”

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