Hashmasks and NCT Tokens
As he tells us Coinmarketrate.com, NFTs play the same role for the art world as DeFi products (i.e. decentralized financial products), for the financial sector. In this context, NFTs are the basis for digital art objects. The uniqueness and infallibility of works of art created in digital format and the unique identity, or rather, the ownership right that cannot be forged, constitute the “core competence” of each NFT.
But, now there are solutions that go a step further. They expand the sphere of influence of the buyer, and allow you to jointly develop an art object. In the future, this will be especially noticeable by changing names and changing pricing. But to fully understand this idea, let’s start with a little digression into the history of the art world.
Art in Transition
It doesn’t matter what era we are talking about: art has always depicted or used the prevailing technologies of its time. Moreover, the creation of art and the various possibilities were interdependent. Photography has replaced the classic portraits. Snapshots and copies were created for a variety of forms of representation. Today, many other formats are finding their way into the visual arts: television and cinema, pop culture, digital video and image processing, virtual and augmented reality and artificial intelligence.
In particular, technological advances in the field of information processing have contributed to the fact that today even computers can create art. Algorithms can create images of people who don’t exist in the world. Images can be modified using editing programs. Technology can create completely new kinds of art.
How NFT is Changing the Art Market
Banksy’s “Balloon Girl” work, which was supposed to self-destruct if the painting was put up for auction, is a blatant example of how art can be altered, or even forged. There have been some impressive art forgeries in the recent past. Every now and then there are doubts about whether, for example, a painted picture belongs to one or another artist.
The art of NFT solves this problem. On the one hand, there is clarity about the creator. On the other hand, there is clarity regarding the current owner. Both options are irreversible, always transparent and protected from forgery.
There are various reasons for collecting works of art. The desire for discovery plays an important role. This behavior can also be called intellectual stimulation. After all, working with art and its background challenges us and inspires us. In addition, there is speculation on a rapid increase in value. Thus, the goal is to invest your money in works that have a special potential to increase value.
In addition, there is a trend towards long-term investment in value.
In other words, focus on those objects whose cost is particularly stable. Finally, collectors (of art) can develop personal identification, as the buyer recognizes in the object something existential for himself, or about himself.
The Hashmasks project picks up the idea of collecting and connects the trend towards digital art with the passion for collecting among buyers. The aforementioned collectible characteristics also play a crucial role here. In addition to identity identification, value enhancement and investment strategies are also important points that make potential buyers flock to the market.
The Hashmasks project, and what’s behind it
Hashmasks are live digital collectibles created by more than 70 artists from around the world. They are a collection of 16,384 unique digital portraits. They are provided by Suum Cuique Labs from Zug in Switzerland.
The owner of a work of art collects so-called NCT tokens every day – a name change token. These tokens allow the owner to choose a name for the purchased portrait on the Ethereum blockchain. This possibility of naming gives the buyer the opportunity to take part in one of the largest joint art projects of NFT.
As the rightful owner of Hashmasks NFT, you receive an unlimited, worldwide and exclusive license to use, copy and display the acquired art for commercial purposes. An example of such commercial use may be the use of works of art to create and sell goods.
On the other hand, if a person wants to use Hashmasks that does not belong to him for commercial purposes, it is necessary to obtain the written consent of its current owner.
In fact, each work can be named after its buyer. This allows interaction between the buyer and the work, which is important, and allows you to make the work unique even in the name. Yes, it’s more like an artist adding his signature. Each owner can name and sign the work.
Each illustration has its own NCT associated with it, and when you become the owner of the Hashmask, you can rename it.
Other properties that distinguish the project:
- The first collectible item with several degrees of rarity determined by the consumer
- Created by more than 70 artists from all over the world
- Random distribution and awarding for complete fairness
- Full ownership, and unlimited commercial use rights
- The NCT Token Mechanism Makes the Name a Scarce Commodity
- A collector’s item, a game, but above all – art
There are 16,384 unique Hashmasks in total. Each of them was created by a combination of several different artists. All “portraits” have different characteristics.
By purchasing this work of art, you become a part of it, because you help influence its creation. Thanks to the functions of the smart contract and the repeated naming of the portrait, a unique imprint is given. Thanks to this creation process, even people with less inclination to art can help create an eternal work of art.
NCT token for name change
NCT is the native token of Hashmask products. The token serves a single purpose: to change the name of the object, and save it on the Ethereum blockchain in a publicly accessible (and currently immutable) form. This makes the name itself a commodity and the rarest feature of the entire project. This opens up a completely new dimension for collectibles, where the hierarchy of values of individual items in an entire collection of works largely depends on consumer preferences.
The idea behind the NST is quite simple. The owner of the ”picture” receives ten Name change Tokens (NCT) every day. Thus, within six months, the owner collects the necessary 1,830 NTC to change the name Hashmask Name change burns the necessary tokens.
The uniqueness of the name, which is guaranteed by the corresponding smart contract, creates another level of scarcity within the work of art. Exactly 10 years later, on January 26, 2031, the last token will be released. The offer and the ability to change the name become scarce until all tokens are burned. Only then will the artwork be completed.
Hashmask Creators’ Manifesto
The guiding principle of inventors is to involve the buyer in the creation process. This title is intended to revolutionize the understanding of digital art. This consumer engagement takes NFT innovation to a new level. With the consistent decrease in the value of NCT tokens, the naming will become more exclusive every year. Then, in about ten years, when the NCT issue stops and it will no longer be possible to change names, the art project will be completed.
- Giving the client more power
Assistance in the formation of an art project – in this case, naming it – is a novelty for the art world. Even non-professionals can participate and influence the process of creating art. This procedure turns the way of art consumption and its perception upside down. In the foreground is not the creator of the work. The consumer makes the decision and is directly involved in the creation.
- Value development turned upside down
A phenomenon of the art world (which was previously true for NFT) – an artist creates a work. The buyer acquires the right to the work. The value of the work develops due to a number of characteristics. This seemingly logically consistent hierarchy arranges individual objects and works according to their rarity. Hashmasks takes this idea to a new level, giving the consumer power over the rarest of all characteristics – the name.
In the process, with virtually unlimited possibilities, the gap between the artist and the consumer is reduced. Purpose: Both sides jointly determine the rarity of portraits within the entire art project. The final result of a work of art, forever engraved in the history of art on the Ethereum blockchain, is limited for many decades only by the creativity of the creating community.
- Innovations in the art industry
Thanks to the Hashmasks project, the inventors expect to bring long-term innovations to the art industry. By their actions, they want to lower the barriers of entry for (new) artists and art creators. They want to break through the partially opaque mechanisms for evaluating the “decision-making elite.”
NFT and, in particular, the idea of Hashmasks, are a prime example of how blockchain can help solve real problems. Thanks to the coding of ownership rights to works of art, transparency problems are solved. It is not yet possible to answer what success the project will achieve. But in art it has always been so. If Van Gogh was destitute throughout his life, today his works are priceless.