ollowing the death of England's long-serving monarch, an Ethereum NFT project that generated dozens of pieces of Queen Elizabeth II tribute artwork over the past two months is holding its final auction for the collection.
In a project created by Web3 builder Fabio Sevá and the pseudonymous mladen, QueenE has been offering new portraits in tribute to the Majesty since early July. These single NFTs are procedurally generated with each auction conducted on behalf of this crypto asset that’s designed for longevity- it'll keep developing pieces until she passes away.
The project forked its format and code from Nouns, an innovative cryptocurrency project that auctions a single Ethereum-based profile picture daily. The buyers are admitted into an exclusive club by receiving low-fidelity renditions of Queen Elizabeth II. The auction took place every few hours at first; however, now, they are primarily launched once per day.
Following the announcement of her death at the age of 96, the project confirmed that the current auction—for the 73rd Ethereum NFT in the collection—will become the final one launched as part of the original collection. A Twitter account teased a future "Gen2" collection, but no specifics have been disclosed.
With the auction ending just before 4AM ET, we may be seeing some final gavels sold off for QueenE Gen1 NFTs. The previous top sale price of any piece in this collection was 1 ETH, worth about $3,275 as per the records.
The price continues to rise after the announcement that she has passed away. At OpenSea, an online marketplace for NFT, one can purchase items at a cost between 0.88 ETH or $1450.
The funds from the NFT sales are funneled into a decentralized autonomous organization (DAO) controlled by those who have purchased them, or in this case, 10.10 ETH worth $16650 USD, which will be used for various initiatives as proposed through voting processes within said DAOs.