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On Wednesday, a successful mint for QQL, a cooperative generative art project, raised around $17 million. Trading for QQL increased all day. Visual artists Tyler Hobbs and Dandelion Wist, co-founders of the generative art network Archipelago, joined forces to create the first NFT project. The QQL method is open to everyone, but only mint pass holders can make their designs into officially licensed NFTs.
The QQL Algorithm
In a modified Dutch auction on Archipelago, the project sold out of its mint passes, which allow NFT collectors to act as co-creators of artwork through the QQL algorithm. Dutch auctions enable prospective buyers to submit blind bids within a specific price range, and the final selling price is determined once all bids have been considered. The auction for these 900 mint passes began at 50 ETH ($66,890) and fell over an hour. The QQL Mint Pass blocks the wallet address for X2Y2, negating any attempt to transact with the marketplace. The action appears to be in response to last month's discussion about whether NFT platforms should impose artist royalties, in which specific protocols, including X2Y2 and SudoAMM, chose not to.
Spike In Sales
According to statistics, the project quickly surpassed well-known initiatives like CryptoPunks and Bored Ape Yacht Club (BAYC) in terms of trading volume in secondary sales, generating more than 15,176 ETH (about $20.3 million) within hours of its launch. Numerous individuals who purchased the QQL mint passes are also owners of Fidenza NFTs, Hobbs' first generative NFT project, which recently experienced a surge in sales. Last week, the project received a $1 million boost after one wallet alone bought eight NFTs in less than 48 hours. The market capitalization and floor price of the project momentarily increased by the rapid succession of transactions.