What is Name Changing Token (NCT) | What is NCT token
What Is Name Changing Token (NCT)?
NCT is the base asset of the Hashmasks project, which allows holders to change their masks’ names and store them on the Ethereum blockchain with public visibility. Interestingly, the uniqueness of the name adds weight to a mask’s rarity.
NCT was launched together with the Hashmasks project in January 2021. Hashmask holders can claim tokens as they accumulate daily.
The naming rules dictate that a name must be unique, contain only numbers, letters, or both, have a maximum of 25 characters including spaces, be case insensitive, and have no trailing spaces. Moreover, once a name is changed, it becomes available for use.
The Name Changing 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. Thus, commoditizing the name itself and making it the rarest of all attributes within the entire project. This opens up a whole new dimension for collectibles where the value hierarchy of the individual pieces of the whole collective art is highly impacted by the preferences of the consumers.
If you own a Hashmask, you can claim the NCTs that are accumulated by the NFT. Each NFT accumulates around 3,660 NCTs per year. If you participate in the initial contribution period, you receive an additional 1,830 NCTs. To change the name of an NFT, you need to send 1,830 NCTs (about ½ years of NFT emission) to the Hashmask contract and burn them.
The Rules
- No name can be identical
- There is a limit of 25 symbols (including spaces)
- Uniqueness is case insensitive (i.e. «John» and «john» are considered the same for the blockchain)
- There are no leading or trailing «spaces»
- Only alphanumerical symbols are eligible for use
- Used names become available immediately after the name of the NFT was changed
Emission Rate of NCTs
Each year, approximately 3,660 NCTs will be accumulated by each Hashmask. You need 1,830 NCTs to change the name of your Hashmask. To give more deciding power over early participants, each participant in the first distribution period (14 days) will receive an additional 1,830 NCTs. After 10 years, the emission of new NCTs comes to a halt. From then on, NCTs can only be burnt until one day no NCTs are left and the names of the Hashmasks cannot be altered anymore. The artwork is then considered complete.
Number of NCTs emitted per year per NFT: 3,660
Number of NCTs required for one name change: 1,830
Bonus NCTs for initial sales phase: 1,830
Who Are the Founders of Name Changing Token?
NCT is the brainchild of the same team behind the Hashmasks project, Suum Cuique Labs, located in Switzerland. Hashmasks are virtual art collectibles developed by a globally-distributed team of 70 artists. The collection comprises 16,384 rare virtual portraits.
How it works
There is a total of 16,384 unique Hashmasks. Each of them is created by a combination of several different artists. They have varying masks, eye colors, items and other attributes. Which means: All Hashmasks are rare, but some are rarer than others.
To ensure a fair distribution, the user will not know what Hashmask they purchase for the first 14 days of the sale. All NFTs are already generated, but not indexed yet. There is a predetermined sequence of Hashmasks, but which one will be the first Hashmask will only be determined at the end of the sale using a random mechanism on-chain. This method guarantees a fair distribution. Due to expected high demand during the initial distribution period, we decided to limit a maximum of 20 Hashmasks per transaction.
The distribution period begins at 16:00 on 28 January 2021 (CEST). The Hashmasks are being sold according to the schedule below (Subject to possibility of price slip as described in FAQ). After 14 days or when all the Hashmasks are sold (whichever is earlier), the contribution period concludes and your Hashmasks will be revealed. If unsold after the reveal phase, The sale will continue at the prevailing rate with two differences: (1) All portraits will be revealed, so you know which one you are buying and (2) there will be no bonus NCT once the 14 days are over.
What Makes Name Changing Token Unique?
Although NCT’s primary use case is to enable Hashmasks’ holders to uniquely name and rename their non-fungible tokens (NFTs) or artworks, it opens up the industry to more possibilities.
For instance, making the name part of determining the rarity of an NFT contributes to the value increases of a Hashmask NFT. Notably, the same is replicable across the digital collectibles ecosystem.
Most importantly, the value of an NFT-based artwork is editable by both its creator and consumer. Hashmasks’ creators only give the direction of the rarity but leave the rest to consumers. One example of a consumer-centric rarity trait is the name.
Through the Name Changing Token, Hashmasks don’t have a fixed value or uniqueness, which will allow the artwork’s final-form rarity to be established only after the last token has been burnt.
How Many Name Changing Token (NCT) Coins Are There in Circulation?
Since the tokens connect to the number of Hashmasks and are affected by their daily accumulation, there’s no definite total supply.
However, a single NFT is capable of accumulating approximately 3,660 NCT coins within 12 months. Early participants during the ICP (initial contribution period) receive an extra 1,830 tokens. Notably, these tokens account for roughly six months of NFT emissions.
How Is the Name Changing Token Network Secured?
First, Hashmasks are digital masks hashed into the Ethereum blockchain. Therefore, the NCT token leverages the security of the second-largest decentralized network.
However, the Name Changing Tokens rely on Ethereum’s proof-of-work (PoW) consensus mechanism instead of its newly-launched proof-of-stake (PoS) chain. They adhere to the blockchain’s ERC-20 token standards.
How and Where to Buy NCT?
NCT has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy NCT
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since NCT is an altcoin we need to transfer our coins to an exchange that NCT can be traded. Below is a list of exchanges that offers to trade NCT in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase NCT from the exchange.
Exchange: Uniswap (V2), 1inch Exchange, Bilaxy and 0x Protocol
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once NCT gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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