Quick take:
- Tyler Hobbs has raised nearly $17 million from his QQL NFT project.
- The collection also raised over $20 million in secondary sales following the mint.
- The project is a collaboration between Hobbs and Dandelion Wist, co-founder of the generative art platform Archipelago.
Tyler Hobbs has raised 126,000 ETH, equivalent to about $16.5 million from the QQL NFT auction. The NFT collection also registered more than $20 million in transaction volume following the mint.
According to the announcement by Archipelago on Twitter, the auction finished at 14 ETH for the 900 mint passes.
The project is a collaboration of Hobbs and Dandelion Wist, co-founder of the generative art platform Archipelago.
The QQL algorithm is offered free for everyone to use for their own creation, though only mint pass holders can turn the creations into official NFTs. An NFT is a digital representation of a music track, JPEG, video clip, artwork, or collectible stored on the blockchain.
Since the turn of the year, NFTs have attracted several mainstream brands amid the influx of celebrities during the pandemic. As a result, NFT use cases have increased to include phygital collectibles, playable avatars in the metaverse, and keys to token-gated communities like blockchain games.
The QQL NFT project brings another element to the whole NFT use case by allowing holders to mint official NFTs using its algorithm. NFT collectors can, therefore, act as co-creators of artwork.
The collection was offered to bidders via a dutch auction, which essentially entails bidding blindly before determining the final price after all the bids are in.
This is not Hobbs’ first NFT project. The digital creator sold out his original NFT project Findeza last October, raising $7 million.
The project saw a significant spike in transaction volume in the days leading to the QQL mint, with several QQL bidders also holding Findeza NFTs.
Hobbs quit his engineering job to work as a full-time artist to develop the algorithm that has since made him a multi-millionaire.
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