The unique generative art project QQL NFT was born thanks to the collaboration of visual artist Tyler Hobbs and co-founder of the Archipelago platform Dandelion Vista. QQL raised more than $16 million during the successful minting and continued to grow in trading throughout the day. At this stage, the use of the QQL algorithm is publicly available, and mint pass owners have the opportunity to make official NFT collections from their works.
The sale of mint pass by the QQL project took place in the format of a Dutch auction on the Archipelago platform. The Dutch auction allows potential buyers to make blind bids within certain price parameters, and the final sale price is determined after collecting all buyers’ bids. In the case of QQL, the auction started at 50 ETH and declined for one hour until the mint pass was sold.
During the auction, all 900 mint passes were sold, which is an indicator of the great success of the start of the project. The cost of one mint pass was 14 ETH or $18.7 thousand at the time of transactions. In total, the QQL project has already attracted 126,000 ETH in the equivalent of more than $16.5 million.