Hashmasks introduces a combination of digital art and collectibles with a value hierarchy determined by both the creator and the consumer of the artwork. Unlike other collectibles, where the rarity of all traits is set out by the creators, Hashmasks have included two layers of scarcity: It provides a set of traits to provide general guidance to the consumer, but it has also created many implicit traits not accounted for. Above all, the control over the rarest of all traits – the name – is given to the full extent to the consumer.
Naming is commoditized via the Name Change Token (NCT), which can be interchanged with other participants of the artwork. Each name is unique and can only belong to one NFT. Hashmasks is the first collectible where the value and rarity of each piece within the collection is not predetermined, but will change and adapt over many years before it takes its final form when the last NCT is burnt.
The Name Change Token (NCT) is the native token of the Hashmasks artwork. The NCT serves only one single purpose: It allows its holder to give their Hashmask a unique name that is permanently stored and publicly visible on the Ethereum Blockchain. Thus, commoditizing the name itself and making it the rarest of all attributes within the entire project. This opens up a whole new dimension for collectibles where the value hierarchy of the individual pieces of the whole collective art is highly impacted by the preferences of the consumers.
If you own a Hashmask, you can claim the NCTs that are accumulated by the NFT. Each NFT accumulates around 3,660 NCTs per year. If you participate in the initial contribution period, you receive an additional 1,830 NCTs. To change the name of an NFT, you need to send 1,830 NCTs (about ½ years of NFT emission) to the Hashmask contract and burn them.
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