The Hashmasks art project became one of the most popular NFT art projects in 2021.
In this article you will learn about the introduction of a new smart contract for creating unique NFTs, the Name Change Token (NCT).
(Including some new ideas at the end for artists to apply to their own projects.)
Let’s dive in.
Table of Contents
Introduction
On April 27, 2021 a group of clowns gathered in Times Square New York. Many of them were holding up signs “Banks Are Zeros”. Behind them on electronic billboards were pictures of various clowns. Below each picture was a number. The billboard rotated these pictures until 7 pm when the clowns and other masked individuals finally dispersed. Not surprisingly NYPD eyed the event suspiciously. On twitter this event was referred to a Clownhatten.
The event was the brainchild of @BowTiedBull, formerly @WallStreetPlayboys. They organized the event paying for the flights of strangers from around the world to attend the event. These were people who shared their thesis about the future of banks and the rise of decentralized finance (Defi). They also paid for the advertising time on the Times Square electronic billboards. The event was a troll on the banks most of which, if not all, have a presence on Wall Street. It also sparked a community of anonymous BowTied twitter accounts who share the values of the BowTiedBull. (Now you know why this site is called BowtiedMako )
But what about the clowns on the billboard and what do the numbers below each clown signify? They are called Hashmasks, an NFT art project. The numbers are the series numbers that could be used to look up the name of each mask. They are the brainchild of Suum Cuique Labs in Zug Switzerland.
The Hashmasks Art Project
The Hashmasks art project, like CryptoPunks, is a form of generative art created by an algorithm. However 20% of Hashmasks were recreated by hand. There were 70 artists hired to create the different characteristics that would go into each HashMask. These characteristics would contribute the rarity of each Hashmask like eye color, skin color, gender, and the masks themselves. The founders themselves became the artists of the artists putting together each individual Hashmask.
Hashmasks were released into the wild on January 7, 2021. In less than a week all Hashmasks were sold for $16 million on the Ethereum blockchain. The masks were numbered from 1 to . The initial purchase period was 14 days. If you bought during this period the masks were randomly distributed. You didn’t know which mask you were getting. Also pricing was laddered. The earlier you bought the cheaper the Hashmask. Finally, if you bought during the first 14 days you received 3660 Name Change Tokens (NCTs)
The Name Change Token
The one characteristic that would not be assigned by the creators would be the name of each Hashmask. Owners of the art, through NCTs, would be able to assign the name to the Hashmask they owned and contribute to its uniqueness. NCTs will be generated for 10 years allowing each owner the opportunity to change the name. Eventually the name will not be able to be changed.
How it works. Each NFT, a Hashmask, will emit 3,660 NCTss per year. If you hold the NFT for 6 months you will earn 1,830 NCTs which is the amount needed to change the name. At inception each NFT came with 1,830 NCTs needed to change the name of the Hashmask. When used to change the name they are burned. They can no longer be used. The only way to get more NCTs than holding NFTs is from another wallet. Eventually all the NCTs will be burned and no further name changes can be made.
There are rules that go with naming the Hashmask. The name cannot be longer than 25 characters and can only contain alphanumeric characters. None of the names can be identical. Uniqueness of the names are not case sensitive. If a name is changed the name becomes available for others to use.
Hidden Value
Here are some interesting notes about Hashmasks. There is only one duplicate mask referred to as The Twins. They were named the Real and the Unreal based on Sanskrit writing appearing on the background. Some masks can be put together like a puzzle with connecting backgrounds. By adjusting the levels on the Hashmask images hidden artifacts were revealed. One had a QR code hidden on the cover of a book. When scanned the code leads you to an internet prank by directing you to a video of Rick Astley’s “Never Gonna Give You Up.” Another Hashmask held a book that when the levels were adjusted on the image revealed Plato’s Republic written on the book cover.
How To Buy Hashmasks
The Hashmasks art project can be found on OpenSea. One word of caution about buying NFTs. You have to do your research and make sure you don’t get scammed. On OpenSea I did a search for Hashmasks Clown and came across a scammer selling a copy of a Hashmask. In the case of a large project like Hashmasks there is an easy way to check. Look for the blue check mark indicating the NFT is part of a verified collection.
Ideas For Artists
Here are some ideas based on the Hashmasks art project:
- Create a series of similar art pieces with unique characteristics and embedded artifacts for collectors to find.
- Create a limited series or set of art, use a sliding scale to price the art. Make each subsequent sale more expensive such that as demand increases the price increases and earlier buyers are rewarded.
- For art commissions allow the purchaser to create a name for the NFT.
For more ideas check out other posts in this series.
Postscript
In researching this post I fell in love with Hashmasks art project so much I bought my own Hashmask. Most likely it will be named Shark Bait in the near future when I collect enough NCTs.
