Great concept with the cyclops eye! We see a lot where two Os (or Es) are used to make eyes, but this is very original. FWIW, I'd beef up the type, in light of it being a monster and all.
Have you tried vertically flipping the sculptural portion of the design? It would resemble a flame, a traditional symbol for power. (the traditional aspect to the symbology may or may not be a good thing)
Good work man and I think it's unique symbol, just remove the shadow and the little white outline behind the GQ, keep up the good work