It is possible to buy NFT for $130 and resell it for $130,000 a few days later. At least, that's the feat one investor achieved by reselling the Hashmasks series of works.
Reaching 100'000% in 3 days is a considerable investment. Hashmasks is a digital art collection in the form of NFT, containing 16,000 unique portraits created by 70 artists from around the world. Unlike the classic NFT, works on Hashmasks allow their holders to accumulate NCT (Name Change Token), the native Hashmask token.
In fact, during the sale process, 16,000 NFTs were cut into 7 pieces, with prices ranging from 0.1 ETH to 100 ETH for the rarer ones.
He had the opportunity to buy a work at 0.1 ETH (about $130) on 28 January, which was the first price range. A few days later, the buyer put the work up for sale again for a modest price of 125 ETH (or $166,000), but no buyer was found. He had to reduce the price from a few ETH to 97 ETH on January 31 to find a buyer.
The buyer, 'Westcoastbill', appears to be a fan of the NFTs. The user purchased 30 separate works from the Hashmasks series.
The special feature of Hashmask
In contrast to most NFTs on the market, the Hashmask series has a few special features. Therefore, each NFT allows its users to generate 10 NCTs (name change tokens) per day. Once the balance of 1,830 NCTs is reached, the user can choose to change the title of the work in exchange for destroying the token.
« Smart contracts allow you to give your Hashmask a personal name, giving you the opportunity to add your own personal touch to the work. In this way, you become one of the creators who have shaped this timeless work of art. »
It seems to have worked out rather well for them, as Hashmask has already sold all his NFTs. It remains to be seen whether the craze will persist over time !
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Sources:
1. https://www.thehashmasks.com/
