The Hashmasks and the collaborative artwork.
Inspiring NFT #2
NFTs are more than art uploaded on the blockchain. Suum Cuique Labs, the Helvetic team behind the project understood it well.
In January 2021 they officially launched the Hashmasks, a collection of 16 384 unique portraits made by 70 different artists.
The initial sale lasted for 4 days with a progressive release of the NFTs. They quickly sold out (even the 3 last Hashmasks at 100 ETH each) for a total of approximately 10M $ (10K ETH at that time).
Hashmasks aestethics are beautiful and highly recognizable among other NFTs projects, but this is not what make them stand out.
What can we learn from The Hashmasks ?
That thanks to blockchain technology (and smart contracts), art can become interactive.
How did they make it interactive ?
- Once you become owner of a Hashmask NFT, you start earning the NCT token (Name Change Token).
- You can use these tokens to change the name of your Hashmask. This change is not just on The Hashmasks website, it is made on the blockchain.
- With one Hashmask you earn 10 NCTs / day. You need to burn 1830 NCTs to change the name of your NFT (6 months of holding to it).
- After 10 years (9 years now), they will be no more NCT token issued. The supply will be only decreasing with the burn mechanism of name change.
- The art is designed to be “complete” when the last NCT Token will be burnt. At this time all the Hashmasks names will be fixed for eternity.
Chances are that the artwork will never be finished. As the number of NCTs tokens will decrease, with scarcity, some people might just hold to it as a trophy. Other tokens might also just get forgotten on wallets and never be used to change names.
However this is not really the point. The beauty behind The Hashmasks is that the art has been designed to evolve with its community and will do just that, probably for ever.
A perfect example of blockchain values : immutability and self sovereign community, brought to art.
Further on The Hashmasks :
This article is part of an exploratory series on how the blockchain can reinvent the way art is made and experienced.
Link to previous articles :
Inspiring NFT #1 : Mad Dog Jones and the NFT replicator
Thanks for reading!