Nietzsche’s identification with the Hellenic deity Dionysus is the most obvious example of his masking. In this essay, two basic questions are examined: What is the function of this masking and what lies beneath Nietzsche’s masks? The answer is sought in the characteristics of Nietzsche’s genealogic and perspectivistic way of thinking. The result of this contemplation is a dynamic and fragmentary text, which is a game of hide and display, a game that creates its own rules as well as the players. Different perspectives of the Nietzsche’s text do not find the end in the dialectical synthesis or hermeneutical “fusion of horizons”. Behind the mask, there is no “real” character although it does not follow that the masks are therefore “false”.