NFT collection from GQ Magazine fails to attract buyers

NFT collection from GQ Magazine fails to attract buyers

GQ Magazine’s attempt to enter the world of Web3 has encountered a setback. The launch of its GQ3 community and accompanying Ethereum-based NFT collection failed to achieve the anticipated response.

GQ3 fails to sell out

Prospective buyers were promised numerous benefits, but the NFT failed to sell out. According to data from the OpenSea marketplace, only 1,060 out of the total 1,661 NFT access passes were sold. As a result, the secondary market prices for the NFTs have plummeted, with the cheapest-listed NFT now selling for half of the original price.

Response from GQ Magazine

To appease NFT buyers, GQ has declared that it will distribute half of the remaining NFTs to existing holders through a random airdrop. This practice is typical for projects that do not sell out their entire mint. It provides buyers with the possibility of increased value when an NFT launch fails to generate sufficient sales. GQ has also announced that it will retain the remainder of the NFT supply for “community and promotion” purposes.

Holders of the GQ3 NFT will receive a plethora of benefits, such as a one-year print magazine subscription, digital access, exclusive GQ merchandise, including a hat, and access to GQ3 parties, starting with one in April at the NFT NYC conference. In addition, NFT holders will be granted access to an exclusive area of the Discord server and will receive priority access to future NFT drops.

Like other traditional print media outlets, GQ is joining the NFT craze and embracing the Web3 world through community initiatives. This move follows the footsteps of other publications, such as Playboy, Time, and The New York Times, which have ventured into NFT drops. GQ marked the beginning of its GQ3 initiative with a special NFT-themed print issue in 2022, which paved the way for the release of its Discord server and the eventual launch of its NFTs.

Other big brands have also tried and failed

GQ’s NFT drop was not the first time a legacy brand has faced disappointment in the Web3 world. Porsche tried to sell 7,500 Ethereum NFTs in January 2023, offering vague benefits and utility, but failed to generate significant interest.

The company only sold 1,850 NFTs before deciding to end the sale early, resulting in less than a third of the intended supply being sold. However, the curtailed supply may have boosted demand as secondary prices for Porsche NFTs have risen sharply, with the cheapest listed NFT now selling for 1.98 ETH (over $2,800) on OpenSea, more than double the original mint price in ETH.

GQ has affirmed its steadfast commitment to GQ3 and its long-term involvement. The efficacy of GQ’s strategy to appease NFT buyers and the future value of the NFTs on the secondary market remains to be seen.

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