QQL, a collaborative art experiment, raised nearly $17 million in a successful mint Wednesday afternoon and continued to soar in trading throughout the day.
The unique NFT project is a collaboration between visual artist Tyler Hobbs and Dandelion Wist, co-founder of the joint art platform Archipelago. The QQL algorithm is open to all to use but only mint card holders can turn their creation into an official NFT in the collection.
The project, which allows NFT collectors to act as art co-creators through the QQL algorithm, sold out mint tickets offered at a modified Dutch auction on Archipelago. Basically, a Dutch auction allows potential buyers to bid blindly within a certain set of pricing parameters, and the final sale price is determined after participating in all bids. In this case, the auction starts at 50 ETH (about $66,890) and drops within an hour until all 900 minted tokens are sold.
The final price for all 900 mint tokens ended up at 14 ETH, or about $18,729. In total, the project raised 126,000 ETH, or about $16.5 million.
According to Nansen data, the project quickly surpassed blue chip projects like CryptoPunks and Bored Ape Yacht Club in terms of trading volume during the secondary sale, raising more than 15,176 ETH (approximately $20.3 million USD) la) within hours of mining. Many of the mint QQL token buyers are also owners of Fidenza NFTs, the NFT project originally created by Hobbs, which has recently seen a spike in sales.
Last week, the project underwent a $1 million injection after just one wallet purchased eight NFTs within 48 hours. The rapid succession of sales has temporarily boosted the project’s market capitalization and floor price.