NCT meaning in Cryptocurrency ?

Answer:

What Is Name Change 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.

Who Are the Founders of Name Change 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.

What Makes Name Change 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 Change 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.

Related Pages:

Learn more about NFTX. Learn more about NFTX Hashmasks Index (MASK). Find out about Rarible RARI. Don’t forget to read our blog!

How Many Name Change 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 Change 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 Change 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.

Where Can You Buy Name Change Token (NCT)?

There are a few places where you can lay your hands on some NCT tokens. Top on the list is Uniswap (V2) and 1inch Exchange, followed by Bilaxy and 0x Protocol. Uniswap has the highest activity and offers NCT token pairs against Wrapped Ethereum (WETH). For more information on buying cryptocurrencies with fiat, click here.

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