OpenSea is the largest secondary marketplace for trading crypto collectibles and non-fungible tokens (NFTs). Users can sell and purchase collectibles like CryptoKitties or Crypto Punks, and even create their own marketplace to showcase new NFT collections — and as of Jan. 28, there’s a new superstar on the market.
On Jan. 28, Hashmasks’s initial sale launched as a new set of digital art pieces created by more than 70 artists from across the globe. The next day, Hashmasks began appearing for resale on OpenSea.
A total of 16,384 unique digital portraits exist — and that’s all that can ever be created.
Each of these artworks is uniquely designed to be part digital art and part digital collectible. They are all designed to possess five basic characteristics: eye color, mask, skin color, character and an item. To add to the appeal of this project, there is also a fungible Ethereum token that you earn by owning a HashMask and can spend to change the name of your artwork.
Who Made How Much?
Suum Cuique Labs, from Zug, Switzerland is the project behind Hashmasks. They collected $13.4M in the six days of their initial sale.
In just a week, Hashmasks were traded 2,724 times on OpenSea at an average price of $3,300.
These transactions add up to a total of $8.9MM in profits that went to the NFT owners.
$223,486 were collected by OpenSea in fees.
Hashmask is the only project that does not have its own trading platform. Other NFTs like CryptoKitties have their own marketplace that exists outside of OpenSea. This means that unlike most NFTs, all Hashmask resales occur on secondary marketplaces and therefore the resale market fees go to the marketplaces (i.e. OpenSea) instead of the project owner (in this case Suum Cuique Labs).
Comparing Hashmasks to Other NTFs on OpenSea
Even looking out over the past six months, Hashmasks still come out as the most traded NFTs on OpenSea, and the most expensive to purchase. And while the total supply of Hashmasks is limited to 16K, the scarcity does not explain the high price. There are only 13K total Brave Frontier Heroes and accessories and yet they sell for an average price of $31.
In second place in terms of transaction count are Brave Frontier Heroes, which were traded 836 times in the past six months. Zed Run’s digital horse racing NFTs come in third, with 570 sales on OpenSea in the same timeframe.
Megacryptopolis — a city builder game — has the second most expensive NFTs traded on OpenSea — averaging at $1,308 per token.