A demonic digital artwork on the Ethereum blockchain has been sold for a small fortune via peer-to-peer marketplace OpenSea.
Selling for 420 ETH (roughly $650,000 at the time of purchase on Wednesday), the collectible non-fungible token (NFT)-based artwork is known as a Hashmask.
The Hashmask platform, from Switzerland-based Suum Cuique Labs, hosts a collection of 16,384 unique digital portraits created by a collective of over 70 artists, according to the its website.
“The mask itself is a unique, one-of-a-kind design, and the mystical attributes – character, eye color and skin color -are present in only 0.07% of all Hashmasks,” the artwork’s buyer, Danny – who preferred to not to provide a surname – told CoinDesk via email.
“I’m particularly interested in purchasing ultra high end NFTs that are aesthetically pleasing to the eye and scarce,” he said.
Danny, who goes by the Twitter handle @seedphrase, also said he was “immediately” attracted to Hashmask due to the “Basquiat style” – a reference to noted Manhattan-based artist Jean-Michel Basquiat – and its several layers of “subjective scarcity.”
“I also liked that there’s a transparent copyright policy that gives the owner freedom over their non-fungible tokens, whereas most NFT projects have a license that restricts the buyer from commercializing their NFT,” Danny said.
While the NFT community has been evolving, Danny said it hadn’t yet seen a major influx from the public.
“Knowing that I’m an early investor while also providing liquidity to artists and projects is incredibly rewarding,” he said.