The sonnets need to be seen as a masquerade because all their protagonists are in disguise . Shakespeare had used the theme of masquerade before in his play 'Loves Labor Lost" But with the sonnets Shakespeare is attempting something that is almost impossible, to confer immortality onto people without revealing who they are , This meant the sonnets would have to achieve immortality on their poetic merit alone. This proved to be too ambitious a task and the sonnets were not best sellers.
Shakespeare died not knowing that in the long term he would actually achieve this "impossible " task.
The fact that Shakespeare is so tight lipped about revealing any names is a certain indicator that the protagonists of the sonnets were powerful people.