In reference to the this week topic by @levycore I hereby make my submission thus:

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HASHMASKS

My homework post is to write on one of the project that uses NFT. Before I begin to explain what Hashmask is, I want to first explain NFT in my own way.

NFTs is a collectible digital asset that has worth as a cryptocurrency. NFTs are being seen as a value-holding investment in the same way that art is. But how do you do it?

Let's start with a definition of the expression. NFT stands for non-fungible token, which is a form of cryptocurrency similar to Bitcoin and Ethereum. However, unlike a regular coin on the Bitcoin blockchain, an NFT is one-of-a-kind and cannot be traded for other NFTs (hence, non-fungible).

NFTs can be anything from a work of digital art to a music file – anything original that can be stored digitally and considered valuable. In essence, they are similar to any other physical collector's piece, except that instead of an oil painting on canvas to hang on your wall, you receive a JPG file.

NFTs are individual tokens that are part of the Ethereum blockchain and provide additional details. The important part is the extra material, which enables them to be represented as art, music, video (and so on), in the form of JPGs, MP3s, images, GIFs, and other formats. They can be purchased and sold like other forms of art because they have value – and, like physical art, their value is primarily determined by market and demand.

WHAT ARE HASHMASKS?

Hashmasks are one of the many NFT ventures that are changing the way we think about digital art collectibles. On the NFT marketplace OpenSea, these NFTs, some of which tend to contain hidden messages straight out of the Da Vinci Code, have seen explosive demand and popularity — presumably because they appear to be one of the first collectibles that allows you, the maker, to actually form the artwork.
Suum Cuique Labs manages a global team of 70 artists who produce virtual artworks called Hashmasks. Hashmasks is heavily influenced by Jean-Michel Basquiat's work in 1980s NYC, according to a co-creator who chooses to remain anonymous in an interview with Coindesk — which is evident to those familiar with Basquiat's graffiti-like, bright-colored portraits.

mask has a unique feature, the most noticeable of which are the skin color, character, mask, and eye color. A Hashmask, on the other hand, differs from a normal NFT painting (or a literal painting) in that each Hashmask is unnamed, and each NFT owner is responsible for naming their Hashmask.

Trading Hashmasks

Hashmasks are a hybrid of digital art and collectibles. The artworks are hashed digital masks on the Ethereum blockchain, essentially making them non-fungible tokens (NFTs). NFTs can't be traded on normal cryptocurrency exchanges like Binance or Uniswap since they use Ethereum's ERC-721 token norm. These unique services can only be provided by sites dedicated to NFT trading, such as OpenSea.

HASHMASKS IN CIRCULATION

There have been 16,384 Hashmasks with different eye colors, masks, backgrounds, and other features. Customers, on the other hand (and quite unusually), didn't know which Hashmasks they'd bought during the first sale cycle because the NFT wasn't disclosed until after the sale, contributing to the art auction's mystery.

Buyers who purchased within the first 14 days of the sale period (which started on January 28, 2021) got a bonus of Name Changing Tokens (NCT) (more on them below). Buyers were able to select their Hashmasks after the initial sale period ended (as the as-of-yet unsold were revealed), but no free NCT tokens were given out.

Consumers purchased $13.4 million worth of Hashmasks in the first six days of the distribution. Within a week, OpenSea reported 2,724 Hashmasks trades, producing $8.9 million in income for their owners and over $220,000 in fees for the NFT-trading site.

Unlike other NFT projects such as CryptoKitties, Hashmasks is the only one that only trades on OpenSea. Regrettably, as this provides a central trading platform, it also ensures that resale payments go to OpenSea rather than Suum Cuique Labs.

The cost of hashmasks

Despite the scarcity of determining each Hashmask’s price, it’s an open market, and traders set the prices. One of the most expensive Hashmasks recently fetched $650,000. The NFT had wild characteristics, with its buyer claiming that it even had mystical properties.

In Conclusion

The value of digital paintings like Hashmasks, like any other type of art, is subjective. However, when combined with the complexities of NFT technology, Hashmasks can give real value to art collectors in the long run, due to their changing rarity as different users trade and rename them.
Who knows how much Hashmasks will be worth in a decade?

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Cc:
@steemcurator01
@steemcurator02
@levycore