NFT project QQL raises $16.5m in mint

Amid the current market crisis, artist Tyler Hobbs’ mint raised nearly £17m, followed by a further $20m in additional sales.

Art experiment and non-fungible token (NFT) project QQL has raised nearly $17m in a successful minting this week.

Following the mint, the collection registered over $20m in transaction volume.

The QQL project is a collaboration between visual artist Tyler Hobbs and co-founder of the art platform Archipelago, Dandelion West.

After being offered at a Dutch auction on Archipelago, QQL sold out of its mint passes entirely.

Typically, during a Dutch auction buyers are able to place blind bids within sets of pricing parameters.

With the sale of QQL, the auction started at 50 ETH ($66,890) and decreased over an hour until all 900 mint passes were sold.

The final price for the 900 mint passes stood at 14 ETH ($18,729) totalling 126,000 ETH ($16.5m) by the end of the auction.

The new scheme aims to enable NFT collectors to act as co-creators of artwork through the QQL algorithm.

The QQL algorithm is not only open for mint pass holders but rater anyone wanting to use the platform to turn creations into official NFTS.

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Written by David

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