Crypto Gloss

Hashmasks

Hashmasks is a collection of 16,384 unique digital portrait NFTs on Ethereum launched on January 28, 2021 — one of the first major NFT collections to use a Dutch auction that ran continuously until all NFTs were sold, pioneering the concept of naming your NFT using the NCT (Name Changing Token) — an ERC-20 token earned by holding Hashmasks — and generating significant community engagement through the name-as-metadata mechanic.

The Collection

Attribute Detail
Supply 16,384 NFTs
Blockchain Ethereum (ERC-721)
Launch January 28, 2021
Auction Continuous Dutch auction (price started high, fell over time)
Creator Suum Cuique Labs (Zurich, Switzerland)
NCT Token ERC-20 token for naming your Hashmask

Each Hashmask is a portrait of a masked figure — abstract, surreal, and artistically varied across 16,384 pieces. They were created by over 70 artists from around the world, making them a collaborative generative art collection rather than a single-artist work.

Trait categories:

  • Character (human, robot, alien, spirit, etc.)
  • Eye color
  • Mask style
  • Skin tone
  • Item (held object)

The NCT Naming Mechanic

Hashmasks’ most innovative feature: holders earn NCT (Name Changing Token) at a rate of 10 NCT per day per Hashmask held.

Spending 1,830 NCT (equivalent to ~183 days of holding one mask) lets you set or change the name of your Hashmask — stored on-chain as metadata.

Implications:

  • The name becomes part of the NFT permanently unless changed
  • Some collectors tried to give their masks culturally significant names
  • The mechanic created ongoing engagement beyond the initial mint
  • NCT itself was tradable on secondary markets

NCT total supply caps out around 2031, after which no more Hashmasks can be renamed — creating scarcity in the naming mechanic.

Historical Significance

Hashmasks launched in January 2021, during the very beginning of the NFT bull market:

  • Sold out its entire supply of 16,384 NFTs raising ~$16M in ETH over a few days
  • One of the first collections to demonstrate that large NFT supply could sell out at scale
  • The NCT mechanic influenced subsequent NFT projects thinking about utility and ongoing engagement
  • Predates BAYC (April 2021) and most major blue chip collections

History

  • January 28, 2021 — Hashmasks launches with continuous Dutch auction; initial price high, gradually decreasing
  • Late January–February 2021 — All 16,384 NFTs sell out; ~$16M raised; one of the largest NFT sales events at the time
  • 2021 — NCT token mechanics generate ongoing community engagement; some masks gain cultural value from famous names
  • 2021–2022 — Bull market appreciation; Hashmasks recognized as a historically important early collection
  • 2022–2024 — Bear market; floor declines significantly; Hashmasks maintains historical significance but not current blue-chip status; NCT naming continues as a living mechanic

Common Misconceptions

  • “Hashmasks are just random portrait images.” — Hashmasks were created by 70+ artists with deliberate aesthetic diversity. They’re a multi-artist collaborative portrait collection, not a purely algorithmic output.
  • “NCT has no use after you name your mask.” — NCT can be saved for future name changes, traded on secondary markets, or burned to rename an existing mask. Its value is tied to the desirability of the naming mechanic within the Hashmask community.

Social Media Sentiment

  • X/Twitter: Hashmasks is discussed primarily as NFT history — a pioneering project that established mechanics later refined by other collections; less active as a current community.
  • r/NFT: Respected as an early innovation in NFT mechanics; the NCT naming system is frequently cited in discussions of NFT utility design.
  • Collector community: Hashmasks are held by early NFT collectors who value historical context; the collection is more of an archive piece than an active blue chip.

Last updated: 2026-04

Related Terms

See Also

  • CryptoPunks — the earlier precedent for portrait-style generative NFTs; Hashmasks and CryptoPunks both influenced the 2021 PFP wave
  • Bored Ape Yacht Club — launched three months after Hashmasks; the collection that took the “community-first NFT” concept to its ultimate expression
  • Dutch Auction NFT — the auction mechanic Hashmasks used; the continuous Dutch auction model set a precedent for subsequent large NFT launches

Sources