Name Change Token Coin Price & Market Data
Name Change Token price today is $0.018878592529 with a 24-hour trading volume of $5,029.96. NCT price is down -1.8% in the last 24 hours. It has a circulating supply of 39 Million NCT coins and a max supply of 42.1 Million. If you are looking to buy or sell Name Change Token, Uniswap (v2) is currently the most active exchange.
What is NCT?
Name Change Token (NCT) is the native token of the Hashmasks artwork. The NCT serves only one single purpose: it allows its holder to give their Hashmask a unique name that is permanently stored and publicly visible on the Ethereum blockchain.
On 28 January 2021, Hashmasks held a successful sale and sold 16,384 art pieces. The price of Hashmasks increased exponentially as more Hashmasks are sold, similar to the concept of a bonding curve. The project managed to raise roughly 10,044 Ether (roughly $16 million) and ended the sales in just four days.
Each buyer received 3,660 NCTs giving the buyer the equivalent of 2 name changes.
How to obtain NCT and Hashmasks?
What is Hashmasks?
Hashmasks is a Non-Fungible Token (NFT) project. It is a collaborative art project created by over 70 artists globally. In total, there are only 16,384 unique Hashmasks.
Hashmasks introduces a combination of digital art and collectibles with a value hierarchy determined by both the creator and the consumer of the artwork. Unlike other collectibles, where the creators set out the rarity of all traits, Hashmasks includes two layers of scarcity:
Unique traits - Hashmasks are randomly assigned a Character, Mask, Eye colors, Skin colors, and Items during the initial distribution period.
The name - Hashmasks can be assigned names. The name is the rarest of all traits, and the user can change the name by burning Name Change Token (NCT). Each name is unique and can only belong to one Hashmask.
Hashmasks is the first collectible where each piece’s value and rarity are not predetermined but will change and adapt over many years before it takes its final form when the last NCT is burnt.
What is the supply of NCT?
Each Hashmasks accumulates 10 Name Change Tokens (NCTs) each day. When users have 1,830 NCTs (about ½ years worth of NCTs), users can burn these tokens and change the name of the Hashmask. Each name must be unique, creating a second layer of scarcity within the artwork. The last NCT will be emitted after ten years on 26 January 2031. Once this has taken place, the supply of NCT will only decrease as users burn NCT to change the art’s name. The art piece is complete when all NCTs have been burned.
Is there any value in Hashmasks?
In this increasingly digitized world, digital identity is becoming more important, and one day, it may even surpass our physical identity. This is especially true for the younger generations, where having an Instagram-worthy photo of a moment seems to be more important than the moment itself. Hashmasks imbue the sense of identity into the creation of art by including users in the process, creating an art piece that is truly for the people, by the people.
Why are Hashmasks distributed in the form of NFT?
NFT allows the ownership of Hashmasks to be stored on the blockchain to have transparent verification and transfer of ownership over the art. Every single owner, sale, offer, bid, and movement of each portrait will be publicly verifiable and is immutably stored on Ethereum, leaving marks on the digital canvas.