An investor who bought a Hashmask digital art collectible last week just resold it for more than a 100,000% profit.
A “living digital art collectible” created by over 70 artists globally, Hashmasks are a collection of 16,384 unique digital portraits, according to the project’s website.
Investors who buy specific Hashmasks earn “Name Changing Tokens” (NCTs), which can be accumulated and burnt to change the title of the artwork they own.
On Thursday, an investor purchased Hashmask #1, currently titled “Trump,” for 0.1 Ethereum worth about $130. That investor then resold the artwork three days later on the rare items marketplace OpenSea for 97.2307 ETH, worth more than $133,000 at time of writing.
The new buyer, “westcoastbill,” has been very active in the Hashmasks trade, already purchasing more than 30 of the unique portraits.
Hashmasks utilize non-fungible tokens to verify their ownership. Each of the 16,384 Hashmasks also earn ten Name Changing Tokens a day. Investors who’ve accumulated 1,830 NCTs, which is about six month’s worth of daily earnings, can then burn them to change the on-chain name of the Hashmask they own.
After 10 years, each piece of art will stop earning NCTs, meaning the supply will gradually decrease from that point until “the last NCT token is burnt and the art piece is complete.”
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