The 44lb West Country cheddar, given the name Wedginald, has been maturing on the Cheddarvision webcam since last year and has been viewed by over 1.5 million people.
Yesterday was the crucial taste test when its creator, Tom Calmer, took a core sample to check on maturity after nine months.
The cheese will finish maturing by Christmas and will be auctioned off for a children's charity.
"We might auction it over the web. We are looking at all options," said a spokesman for West Country Farmhouse Cheesemakers.
"You never know, we might be able to get Sotheby's to include it in an auction of old masters."
After testing the cheese Calmer announced he was satisfied with its progress, describing it as having a "good caramel odour with a hint of lemon".
The popularity of the webcam has surprise many. It has its own MySpace Cheddarvision page with 1,000 registered 'friends', and has even been sent a Valentine's Day card.
A few of my co-workers and I check on the cheese every day," wrote one 'friend'. "I like it best in the morning when the sunlight hits it."
A 'directors cut' of the first three months of the maturation process is currently available on YouTube.
The idea for a webcam of the cheese was conceived to show people the processes behind the food they eat, as well as to highlight the dairy at which it is made.
Calmer believes that consumers are too out of touch with the reality of how their food is developed, and said that he hopes to rectify this situation.
Cult cheese stabbed on webcam
By Iain Thomson on Sep 21, 2007 3:15PM