Hashmasks, NFTX Index & the NCT currency

[dragononcrypto]

By now you've probably heard the Hashmasks collection, considered the most successful digital art collection sale in history raising $9 million for 16,384 artworks. The final 3 notoriously selling for $650K in Ethereum, while the first 3,000 sold for 0.1 Ether! Currently they are worth 2 Ether on average after a high of 5 Ether.



The story goes deeper than just a colleciton of paintings sold for such an extreme difference in prices, as well as millions. While SushiSwap has created the Hashmask Index, the art collection also has it's own native currency Name Changing Token (NCT) used in order to change the name of the artworks. These tokens can be accumulated for free from holding the paintings after 6-months, or alternatively purchased in order to name the artwork (1,830 NCT).



More info: https://www.thehashmasks.com/nct

Not only was this collection one of the most successful digital art sales to date, but it also becomes the first with it's own currency that allows it's owners to become co-artists of the artworks they own. The idea of become a co-artist to a collection worth millions is an inviting proposition. It's not surprisingly that the name changing token has doubled in price in recent days, mostly notably increasing volume today from $1m to $20m.



Source: https://coinmarketcap.com/currencies/name-changing-token/

Meanwhile, the Hashmasks Index currently sits at $2.2K (1.27 Ether), notably more than the price 90%+ of the paintings were sold for (14,999 for between 0.1 to 0.9 Ether). While the masks look expensive, it's clearly because the collection has gained a lot of value since the sale. Over 40% sold from the sale are are up >4x (6,999), while 67% are up >2x (10,999).



Source: https://coinmarketcap.com/currencies/nftx-hashmasks-index/

Without understanding the Index too much, CMC reports a circulating supply of 599 MASKS from the collection (3.65%), with a market capitalization of only $1.35 million (rank 1451). This values the collection at approximately $37.2 million, based on the lowest price available for one of the artworks, up 4x from the total sale of $9 million.


For reference sake, sales of digital art have now reached $113 million ($55m in hashmasks) and over half of this was in the past month alone ($60m):
https://nonfungible.com/market/history

This makes it probably one of the fastest growing industries within the crypto as well as art space. Based on volume, this makes it around 1% of global art sales per year based on last months sales ($720m out of $69 billion), while by comparison, not even 0.1% of crypto monthly volumes of around $60 trillion!

In fact, with $60 million monthly volume compared to $60 trillion, it makes up only 0.000001% of crypto volume

News:
https://www.coindesk.com/hashmasks-set-standard-digital-art-nft
https://decrypt.co/58109/the-story-behind-hashmasks-ethereums-greatest-art-sale