You can follow the link if you want to read more about this AI generative art project by Nate. TLDR version: Every 4hrs approx there are ink slots available to buy, it costs 0.027 currently per ink slot, 100 slots available, when they sell out there is a lucky ink holder that gets rewarded the squiggly. Only 100 squigglies will ever exist. Ink slots sell out in seconds then it takes 4 hrs for the next auction to start.
The whole project was done by Natealex who also is the creator of chainfaces.co, infinft.com and a really cool guy for those who know him.
Squigglies have started to sell on the secondary market for 6 - 7.5 eth, these listings are going fast as it is really hard to buy ink in time to mint a squiggly and also not guaranteed you'll get one, so i would characterize these as cheap amazing deals.
The team behind The tiny Crypto Art Gallery first purchased crypto in 2017 for CryptoKitties. There are no whales behind this project.