What’s Hot in Crypto this week?
Hashmasks. And, don't let the name fool you -- there's big money involved here. Hashmasks are digital art collectibles that have been created by more than 70 artists from across the globe. There are a total of 16,384 unique digital portraits as of now.
Each of these works of art is uniquely designed to be part digital art and part digital collectible. They are all designed to possess five basic characteristics: eye color, mask, skin color, character, and an item.
Hashmasks also have several unstated characteristics, which are not included in the five basic features. And above all – the users have the opportunity to give each Hashmask its rarest trait – a name.
Holders of the Hashmasks accumulate the project’s native token, Name Changing Token (NCT) daily.
The project, which was launched a week ago, was founded by Suum Cuique Labs, from Zug, Switzerland. Currently, the project is the No. 1 collectible Decentralized app, according to Dappradar. The project raised about $10 million four days after its launch by selling more than 15,000 Hashmasks.
And in its first week, a Hashmask sold for $130,000.
What’s Flipside’s Take?
Hashmasks' NCT transactions reveal that 30% of newly minted NCT is now owned by addresses that don't actually own a Hashmask.
Furthermore, looking at transaction data on OpenSea - the largest secondary marketplace for trading crypto collectibles and non-fungible tokens -- we can see that Hashmasks has already outperformed the other non-fungible tokens on the market, by a lot. Here are some numbers:
Suum Cuique Labs, from Zug, Switzerland is the project behind Hashmasks. Suum Cuigue collected $13.4 million in the six days of its initial sale. In just a week, Hashmasks were traded 2,724 times on OpenSea at an average price of $3,300. These transactions add up to a total of $8.9 million in profits that went to the non-fungible tokens owners. A total of $223,486 were collected by OpenSea in fees.
Hashmask is the only project that does not have its own trading platform. Other NFTs like CryptoKitties have their own marketplace that exists outside of OpenSea. This means that unlike most non-fungible tokens, all Hashmask resales occur on secondary marketplaces and therefore the resale market fees go to the marketplaces such as OpenSea instead of the project owner (in this case Suum Cuique Labs).
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