Hashmasks Artworks Made $9.6 Million This Weekend

The latest sensation in the world of on-chain NFTs is Hashmasks, a series of crypto artworks that sold 15 thousand pieces over the weekend. This sale already generated more than 7200 ETH or 9.6 million dollars from 2818 different buyers. Without a doubt it's one of the biggest talking points in the NFT market in recent days.

The creators of the Hashmasks artworks have priced the first 3000 NFTs at 0.1 ETH each, and those quickly sold out. After that the price increased to 0.3 ETH, 0.5 ETH and 0.9 ETH. These all sold out as well. In the current sales phase one thousand artworks will be sold for 1.7 ETH each. During the next phase 381 NFTs will cost 3 ETH each, while the final phase has 3 NFTs for 100 ETH.

Users can acquire twenty artworks in one transaction. The top holder owns 424 artworks, which is 2.8 percent of the total supply. All together the top 10 token holders own 2511 HM tokens, which equals to 15.3 percent of the total supply. The top 100 holders hold 45 percent of all the artworks sold.

The artworks are digital collectibles created by more than 70 different artists from all around the world. The entire collection contains 16.384 different portraits, or Hashmasks. Owners of a mask accumulate ten NCT tokens on a daily basis, which allows them to change the name of the artwork. However, they will need 1830 NCT to do this.

Buyers don't know what Hashmasks artworks they are buying, because that will be revealed on February 11th. They will get an artwork that's randomly assigned. The creators consider the art project done when the last NCT tokens have been distributed in January 2031.

What's valuable in Hashmasks?

Hashmasks is an art project that offers a collection of 16.384 different masks. The true distribution of attributes will be revealed when the initial sale period ends in two weeks. However, the creators have provided a couple of characteristics that influence value. For example, men are much more common than robots. In addition some characters are holding an item, while others wear a mask. The Hashmasks collectibles also have different eye and skin colors, but on top of that there are hidden treats.

When we're talking about masks, there are 14 different types of masks and the animal mask is worn by 12.5 percent of all collectibles. The pixel mask is only worn by 5.9 percent, while there are only 13 unicorn masks. There are much more varieties, including backgrounds, shirts, hairstyles and colors. The creators emphasize that the most important aspect of rarity, is the fact that owners can change the name.

What is crypto art?

Crypto art or digital art has been around for many years. However, without the existence of blockchain technology it was impossible to verify authenticity and rarity. Now digital art is connected to a token on the blockchain. That way buyers can see how many copies of a certain artwork there are, and whether the product is original.

The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images as valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is. Being able to verify the authenticity and rarity of a piece of art is crucial.

Some people don’t care about the Mona Lisa. It’s just a painting. They are happy to download an image from Google Images, print it on canvas and hang it in their living room. Others want the real deal. The same rules go up for digital crypto art.