Digital art project sells out $10M in NFTs in four days

Hashmasks, a new non-fungible token project has raised over 7,600 ETH (about $10 million) from the sale of more than 15,300 digital collectible cards.

The owner of Hashmasks #1 has sold his card named after former United States President Donald Trump for about 97 Ether (ETH) which amounts to over $126,000 at the current Ether price.

Hashmasks #1 was acquired for 0.1 ETH according to the collection timetable on the project’s website meaning that the original collector has earned a 96,900% profit on the initial investment.

As of the time of writing, it now costs 1.7 ETH to buy a Hashmask with only about 730 left at that price. The last two price epochs will see the remaining NFTs be available for 3 ETH and 100 ETH respectively. The project has already raised over $10 million from the sale of more than 15,000 Hashmasks.

Each Hashmask is reportedly designed to be a unique piece that is part digital art and part digital collectible. Every card is said to possess five basic characteristics — mask, character, eye color, skin color and item — all with varying degrees of rarity.

Presently, cardholders do not know the identity of the Hashmasks they own with the final reveal slated to occur on Feb. 11. Owners are also able to name their NFTs using the project’s name changing token, or NCTs.

Each Hashmask accumulates 10 NCT per day and it costs about 1,830 NCT to facilitate a name change. According to the project’s rules, no two cards can bear the same name thus making the title designation another layer of uniqueness.

Early adopters have already taken to naming their cards after popular crypto figures like Satoshi Nakamoto and Vitalik Buterin. Others have elected to make pointed statements like “CSW is not Satoshi” while naming their cards.

Hashmasks is the latest project in the expanding NFT niche. Back in January, a rare CryptoPunk card sold for 605 ETH (about $750,000 at the time).

According to the Hashmasks listing on the OpenSea NFT marketplace, the most expensive of the lot on sale is priced at over 900 ETH. If sold, it could become the most expensive NFT in the history of the market.

As previously reported by Cointelegraph, the NFT boom is bringing together artists and collectors with an appetite for digital art. However, Fortnite founder Tim Sweeney has said that the emerging market sector is still a “speculative mess.”