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Recently, QQL, a generative art NFT project, raised $17 million in less than an hour on the NFT trading platform Archipelago, generating a lot of buzz in the industry. According to NFTGO, the NFT data platform, QQL was the second most traded project in the last 24 hours on 30 September, behind ENS and ahead of the recent sensation Renga, which also topped the Opensea 24-hour trading list.
QQL is a new project, unknown in NFT circles, so why has it become such a hit in the short term?
Firstly, QQL is an open platform for generative art, allowing users to generate a personal NFT on the system, which is a more recognisable form of NFT than avatar-based NFT projects such as Bored Ape, even if it is more over-the-top and difficult to read.
Because generative art itself is a mix of computer technology and modern avant-garde art, the user does not need to have a foundation in art and cannot attach personal imagination, ideas and concepts to it. Instead, the code randomly produces a painting that looks bizarre, but is based on technological tension and individuality, which is actually more in line with the spiritual needs of Generation Z.
The Loot project, which exploded last year at the same time, had a similar logic, as it was a few strokes of code that hit the nerve of the "post-00s" in Europe and the US, and even the blockchain natives. On a deeper level, how is this not a resonance of Meme culture in the NFT circle?
Secondly, QQL itself is closer to the Web3 concept than to the traditional celebrity-bringing of the entertainment industry, as it is based on the work of Tyler Hobbs, a synthetic artist (and former visual artist) from Austin, Texas, whose work has been exhibited internationally and collected in over a dozen countries.
The Fidenza series is Tyler Hobbs' best known generative art to date. It is randomly generated by an algorithm designed by Tyler Hobbs and features colourful curves and squares, making it one of the most adaptable methods of generative computation to date. The procedure behind the series is not complex, only the core structure of the algorithm is very flexible and allows for a diversity of results, which Tyler Hobbs considers to be one of the important dimensions in evaluating the quality of generative art. How to maintain the quality of the work on an unpredictable basis is also a formidable challenge for artists in this field.
Recently, QQL, a generative art NFT project, raised $17 million in less than an hour on the NFT trading platform Archipelago, generating a lot of buzz in the industry. According to NFTGO, the NFT data platform, QQL was the second most traded project in the last 24 hours on 30 September, behind ENS and ahead of the recent sensation Renga, which also topped the Opensea 24-hour trading list.
QQL is a new project, unknown in NFT circles, so why has it become such a hit in the short term?
Firstly, QQL is an open platform for generative art, allowing users to generate a personal NFT on the system, which is a more recognisable form of NFT than avatar-based NFT projects such as Bored Ape, even if it is more over-the-top and difficult to read.
Because generative art itself is a mix of computer technology and modern avant-garde art, the user does not need to have a foundation in art and cannot attach personal imagination, ideas and concepts to it. Instead, the code randomly produces a painting that looks bizarre, but is based on technological tension and individuality, which is actually more in line with the spiritual needs of Generation Z.
The Loot project, which exploded last year at the same time, had a similar logic, as it was a few strokes of code that hit the nerve of the "post-00s" in Europe and the US, and even the blockchain natives. On a deeper level, how is this not a resonance of Meme culture in the NFT circle?
Secondly, QQL itself is closer to the Web3 concept than to the traditional celebrity-bringing of the entertainment industry, as it is based on the work of Tyler Hobbs, a synthetic artist (and former visual artist) from Austin, Texas, whose work has been exhibited internationally and collected in over a dozen countries.
The Fidenza series is Tyler Hobbs' best known generative art to date. It is randomly generated by an algorithm designed by Tyler Hobbs and features colourful curves and squares, making it one of the most adaptable methods of generative computation to date. The procedure behind the series is not complex, only the core structure of the algorithm is very flexible and allows for a diversity of results, which Tyler Hobbs considers to be one of the important dimensions in evaluating the quality of generative art. How to maintain the quality of the work on an unpredictable basis is also a formidable challenge for artists in this field.
Last October, Fidenza, which totals 900 units and sells for 0.17 ETH, completed $400,000 in sales in a 25-minute period. After its arrival on Opensea, Fidenza traded all the way up to $85 million. QQL is another of Tyler Hobbs' masterpieces after a year, and with the NFT market having been quiet for a long time, and with no major recent hits, it was a logical place to be in the eye of the storm.
Finally, the QQL itself is innovative and exciting to play, as well as rare. By design, QQL is designed as a platform for generating artistic NFTs, but the condition and threshold for users to upload their minted NFTs is to hold a Pass equity card, even though QQL is a free NFT generation site. Therefore, we can interpret this as meaning that users are only eligible to sell their works on the NFT trading market and earn the difference in price for the transaction if they acquire a Pass card.
The total number of Pass entitlement cards is 999, of which 900 are for public auction and the remaining 99 are reserved for non-commercial disposal, similar to charity projects, etc. It is worth noting that these 900 Pass Equity Cards are auctioned off in Dutch style with a starting price of 50 ETH and the auction price will drop over the course of an hour until all lots are sold.
QQL is offering a total of 900 QQL mint pass NFTs in a Dutch style auction that will start at 50 ETH and the auction price will drop over the course of an hour until all QQL mint pass NFTs are sold, with the final QQL mint pass NFT price ending at 14 ETH. Dutch auctions are descending auctions, where the auctioneer now sets the price so high that the bidder cannot afford to pay and has to keep dropping the price, with the first bidder to answer winning and paying the price called for at the time. This method of bidding is the exact opposite of the common NFT bidding method, and with the current lack of hot topics in the NFT market, it is actually a good marketing tool, as we can see from the final auction results.
To sum up, QQL has been able to become popular because of three core factors.
Generative art has gradually gone on the eve of an explosion, which is the afterglow of Art Blocks, but also the result of the rotation of various sections of NFT. In the case of NFT art forms, which are still poor and monotonous, generative art, as a more mature and fixed paradigm form of expression, is gradually becoming the NFT section that capital is betting heavily on.
QQL, as an early project of generative art, has obvious first-mover advantage, not to mention the recent NFT market hotspot projects, hot money temporarily without the wind of speculation, so the ability to absorb money is outstanding.
Tyler Hobbs' previous masterpiece Fidenza is a testament to its popularity in the market, not to mention that the author himself has already established himself in the field of traditional art, which has in effect shaped the aura of a star project for QQL, bringing traffic with it since the day it was launched.
However, generative art NFT is currently so niche that most NFT players were not informed of the project at the beginning, and were more likely to follow the lead of lobbyists to buy it for speculative income. In fact, it can be seen that the current QQL fever is more the result of market speculation, and the possibility of the potential being overdrawn at a later stage is great, so the majority of investors also need to remain vigilant.
Lastly, it is the setting of the game. The mechanism determines the scarcity of NFT on-chain rights, and the model of popular sections with big V support, where everyone can play but not everyone cannot sell their works, will stir up the Fomo emotions of the majority of players. At the same time, the unique auction mechanism also makes NFT players who are accustomed to the traditional bidding model shine, from the high price to the low price of the sale model, in fact, more like a marketing strategy, hitting the user's "pick up" psychology, more attractive to players.
Each user who had sold out of the previous order would compete harder for the next one, which led to a rush-like frenzy, and it was not surprising that the auction was eventually sold out.
The logic behind the popularity of the NFT project is for reference only and does not constitute investment advice.
1, a thousand and one copycat models will certainly be eliminated, NFT track in the next round of the bull market will break the circle effect will be stronger, there is no doubt about it. This means that its paradigm and form of iteration faster, but also more need to meet the preferences of more different tastes players, which put forward higher requirements for the creative team's design skills, the past release of a self-important picture can get a lot of attention to the times gone.
2, big V is still a guarantee of wealth effect, of course, big V is not limited to stars, but head capital, entrepreneurial curiosity, high-end artists and even highly controversial opinion leaders, they can quickly revitalise the private domain traffic with their appeal, and then complete the proliferation of the circle, creating a phenomenal topic.
3, project designers need to do more iterations on the play, especially the value-added model of the NFT product must reach a nearly seamless standard, which can ensure that the project has a lasting life, around the NFT project to do the overall closed-loop ecology is the top priority.
Risk warning
The disadvantages of the QQL project are also obvious, including high market expectations during the warm-up phase, which may result in a lack of potential later on, or even prices falling below the initial price.
In addition, despite the support of the big V, the model of generating artistic NFT is too niche, so the first prerequisite for getting out of the circle may not be the heat of the big V in the circle, but whether the model itself can be widely accepted by the public. Although there is already a certain trend of popularity at the moment, it is not possible to judge in advance based on this, after all, there will be a Fed rate hike resolution within the year, and the market may suffer a shock beyond imagination at that time.
Finally, it should be mentioned that Dutch auctions have a shortcoming in terms of project liquidity, which can offset a significant part of the project's value added.
The purpose of this article is to help users sort out and list the criteria for judging NFT projects by providing a panoramic analysis of a specific project and the characteristics of the track behind it, in order to provide users with better investment decisions, rather than recommending a specific project. However, it is important to follow the market hotspots, as this is the quickest and most practical way for us to grasp the market trend.
Last October, Fidenza, which totals 900 units and sells for 0.17 ETH, completed $400,000 in sales in a 25-minute period. After its arrival on Opensea, Fidenza traded all the way up to $85 million. QQL is another of Tyler Hobbs' masterpieces after a year, and with the NFT market having been quiet for a long time, and with no major recent hits, it was a logical place to be in the eye of the storm.
Finally, the QQL itself is innovative and exciting to play, as well as rare. By design, QQL is designed as a platform for generating artistic NFTs, but the condition and threshold for users to upload their minted NFTs is to hold a Pass equity card, even though QQL is a free NFT generation site. Therefore, we can interpret this as meaning that users are only eligible to sell their works on the NFT trading market and earn the difference in price for the transaction if they acquire a Pass card.
The total number of Pass entitlement cards is 999, of which 900 are for public auction and the remaining 99 are reserved for non-commercial disposal, similar to charity projects, etc. It is worth noting that these 900 Pass Equity Cards are auctioned off in Dutch style with a starting price of 50 ETH and the auction price will drop over the course of an hour until all lots are sold.
QQL is offering a total of 900 QQL mint pass NFTs in a Dutch style auction that will start at 50 ETH and the auction price will drop over the course of an hour until all QQL mint pass NFTs are sold, with the final QQL mint pass NFT price ending at 14 ETH. Dutch auctions are descending auctions, where the auctioneer now sets the price so high that the bidder cannot afford to pay and has to keep dropping the price, with the first bidder to answer winning and paying the price called for at the time. This method of bidding is the exact opposite of the common NFT bidding method, and with the current lack of hot topics in the NFT market, it is actually a good marketing tool, as we can see from the final auction results.
To sum up, QQL has been able to become popular because of three core factors.
Generative art has gradually gone on the eve of an explosion, which is the afterglow of Art Blocks, but also the result of the rotation of various sections of NFT. In the case of NFT art forms, which are still poor and monotonous, generative art, as a more mature and fixed paradigm form of expression, is gradually becoming the NFT section that capital is betting heavily on.
QQL, as an early project of generative art, has obvious first-mover advantage, not to mention the recent NFT market hotspot projects, hot money temporarily without the wind of speculation, so the ability to absorb money is outstanding.
Tyler Hobbs' previous masterpiece Fidenza is a testament to its popularity in the market, not to mention that the author himself has already established himself in the field of traditional art, which has in effect shaped the aura of a star project for QQL, bringing traffic with it since the day it was launched.
However, generative art NFT is currently so niche that most NFT players were not informed of the project at the beginning, and were more likely to follow the lead of lobbyists to buy it for speculative income. In fact, it can be seen that the current QQL fever is more the result of market speculation, and the possibility of the potential being overdrawn at a later stage is great, so the majority of investors also need to remain vigilant.
Lastly, it is the setting of the game. The mechanism determines the scarcity of NFT on-chain rights, and the model of popular sections with big V support, where everyone can play but not everyone cannot sell their works, will stir up the Fomo emotions of the majority of players. At the same time, the unique auction mechanism also makes NFT players who are accustomed to the traditional bidding model shine, from the high price to the low price of the sale model, in fact, more like a marketing strategy, hitting the user's "pick up" psychology, more attractive to players.
Each user who had sold out of the previous order would compete harder for the next one, which led to a rush-like frenzy, and it was not surprising that the auction was eventually sold out.
The logic behind the popularity of the NFT project is for reference only and does not constitute investment advice.
1, a thousand and one copycat models will certainly be eliminated, NFT track in the next round of the bull market will break the circle effect will be stronger, there is no doubt about it. This means that its paradigm and form of iteration faster, but also more need to meet the preferences of more different tastes players, which put forward higher requirements for the creative team's design skills, the past release of a self-important picture can get a lot of attention to the times gone.
2, big V is still a guarantee of wealth effect, of course, big V is not limited to stars, but head capital, entrepreneurial curiosity, high-end artists and even highly controversial opinion leaders, they can quickly revitalise the private domain traffic with their appeal, and then complete the proliferation of the circle, creating a phenomenal topic.
3, project designers need to do more iterations on the play, especially the value-added model of the NFT product must reach a nearly seamless standard, which can ensure that the project has a lasting life, around the NFT project to do the overall closed-loop ecology is the top priority.
Risk warning
The disadvantages of the QQL project are also obvious, including high market expectations during the warm-up phase, which may result in a lack of potential later on, or even prices falling below the initial price.
In addition, despite the support of the big V, the model of generating artistic NFT is too niche, so the first prerequisite for getting out of the circle may not be the heat of the big V in the circle, but whether the model itself can be widely accepted by the public. Although there is already a certain trend of popularity at the moment, it is not possible to judge in advance based on this, after all, there will be a Fed rate hike resolution within the year, and the market may suffer a shock beyond imagination at that time.
Finally, it should be mentioned that Dutch auctions have a shortcoming in terms of project liquidity, which can offset a significant part of the project's value added.
The purpose of this article is to help users sort out and list the criteria for judging NFT projects by providing a panoramic analysis of a specific project and the characteristics of the track behind it, in order to provide users with better investment decisions, rather than recommending a specific project. However, it is important to follow the market hotspots, as this is the quickest and most practical way for us to grasp the market trend.
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