Queen Elizabeth’s NFT will be auctioned off for a final time

by | Sep 18, 2022 | Market, Market News, News, NFTs | 0 comments

In the wake of the passing of Queen Elizabeth II of England, the Ethereum-based NFT project QueenE is launching the last auction for its Gen1 artwork collection. Since the beginning of July, when the initiative first got underway, 73 different pieces of artwork have been made available.

New NFT released

After the death of England’s longest-reigning monarch, an Ethereum NFT project that produced dozens of pieces of artwork as a tribute to Queen Elizabeth II over the past two months is currently hosting its final auction for the collection today. The auction comes after the passing of the long-serving monarch.

At the beginning of July, QueenE began holding auctions and offered a single Ethereum NFT picture as a memento in honor of the late Queen. Web3 builders Fabio Sevá, Vinicius Rodrigues, Everton Matumoto, and the pseudonymous Mladen. eth was responsible for the creation of the project, and it was intended to release new parts that were produced procedurally at a consistent pace for as long as the Queen lives.

How did the project begin?

The project took its framework and its code from Nouns, an innovative NFT initiative that auctions a single Ethereum-based profile photo each day and admits bidders into an exclusive club. However, the project gave it a royal twist by offering out lo-fi renderings of Queen Elizabeth II instead. The QueenE auctions used to take place every few hours, however, they have now transitioned to taking place once per day for the most part.

After hearing that the Queen had passed away earlier today at the age of 96, the project made the announcement that the current auction, which is for the 73rd Ethereum NFT in the collection, will be the last one that is made available as a part of the original collection. The QueenE Twitter account has hinted at an upcoming “Gen2” collection, but as of the writing of this article, no more information has been made available.

When is the auction held?

In its current iteration, the project’s Twitter profile includes the phrase “Rest in Ethereum, forever.” The last QueenE Gen1 NFT now has the highest offer of 0.5 ether, which is equivalent to around $825, and the auction is scheduled to expire shortly before 4 AM Eastern Time on 10th September. The previous record for the highest selling price in ETH for any item in the collection was set on July 27 with the purchase of QueenE #23 for 1.9 ETH, which was equivalent to around $3,275 at the time.

An NFT, or non-fungible token, is a kind of blockchain token that acts as a representation of ownership over an object. This may include digital products like artwork, profile photographs, collectibles, and video game items. In 2021, the market for non-fungible tokens (NFTs) saw robust growth, which resulted in prominent collections fetching selling prices in the eight-figure range.

Final Thoughts

Since it was revealed earlier today that Queen Elizabeth II had passed away, secondary sales of the QueenE NFTs have taken up. At the moment, the floor price—that is, the lowest available item listed on a marketplace—at OpenSea stands at 0.88 ETH, which is equivalent to around $1,450.

As was the case with Nouns, the proceeds from the primary sales of QueenE NFTs are deposited into a treasury that is managed by a DAO, also known as a decentralized autonomous organization. A DAO is a term that describes an organization that exists online and is comprised of individuals who share common interests and whose membership is based on tokens. Members of the DAO can vote on proposals that would put the money, which is now equivalent to $16,650 worth of ether, toward a variety of different projects.