The project, which allows NFT collectors to act as co-creators of artwork through the QQL algorithm, sold out of its mint passes offered at a modified dutch auction on Archipelago. Essentially, a Dutch auction allows potential buyers to place blind bids within a certain set of pricing parameters, and the final selling price is determined after taking in all bids. In this case, the auction started at 50 ETH (about $66,890) and decreased over the course of one hour until all 900 mint passes were sold.
Source: https://www.coindesk.com/business/2022/09/29/tyler-hobbs-qql-nft-project-raises-nearly-17m-in-successful-mint/?utm_medium=referral&utm_source=rss&utm_campaign=headlines