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GQ Magazine NFT drop flops, Floor price is rapidly dropping

GQ Magazine NFT drop flops, Floor price is rapidly dropping

GQ is the most recent legacy paper magazine to transition into Web3 with the introduction of its GQ3 community and the related Ethereum NFT drop. The men’s lifestyle magazine’s mint, however, did not sell out, and the business is now seeking to keep NFT customers satisfied as resale values fall.

Holders to get a 50% NFT airdrop from GQ

Wednesday saw the start of the GQ3 NFT mint, with a total of 1,661 NFT access licenses available for 0.1957 ETH apiece, or approximately $290 at the time of publication. According to data from the OpenSea marketplace, however, as of this morning only 1,060 NFTs have been sold.

GQ stated in a Discord community announcement and a since-deleted tweet that it will randomly airdrop fifty percent of the remaining NFT supply to existing holders. When an NFT launch fails to convert talk into revenue, projects that do not fully mint out will sometimes provide additional potential value to clients as a reward.

“We are going to reward all those who supported our artists and believed in GQ3 by sharing an Issue 001 token to a randomized 50% of unique holder wallets,” the publication wrote in the Discord announcement, further suggesting that NFT recipients “share with a friend.”

GQ plans for its NFT

The majority of the remaining supply will be retained for “community and promotion.”  by the Condé Nast-owned publication. GQ executives for comment following the conclusion of the drop, but did not receive an instant response.

Shortly after the mint closed, GQ published the artwork for the NFTs by Chuck Anderson, Kelsey Niziolek, Serwah Attafuah, and the pseudonymous REO.

The floor price, or price for the cheapest-listed GQ3 NFT on OpenSea, is currently 0.105 ETH ($155) and has temporarily dropped below 0.1 ETH. Following the conclusion of the mint, 27 ETH ($39,350) worth of NFTs have been traded.

GQ followed in the footsteps of heritage print publications such as Time, Playboy, and The New York Times, which have entered the Web3 arena via NFT drops and community activities. To celebrate the launch of its GQ3 program, which included the Discord server and ultimately led to the NFT deployment, the journal published an NFT-themed print edition in 2022.

Each GQ3 NFT includes a one-year print magazine subscription and digital access, a GQ hat and other merchandise, and entry to GQ3 parties, beginning with one at the NFT NYC conference in April. In addition to gaining access to an unique Discord server section, holders will have priority access to future NFT drops.

The Discord statement states, “We are committed to GQ3 and in it for the long haul, and we want everyone to see the inspiring stuff our artists have created.”

GQ is hardly the only prominent brand whose NFT drop falls short. In January, Porsche attempted to sell 7,500 Ethereum non-fungible tokens (NFTs) with uncertain usefulness and benefits, but only sold approximately 1,850 NFTs before announcing it would end the mint. Less than one-third of the projected quantity was ultimately sold.

At least in this instance, the lower supply seems to increase demand: secondary prices for Porsche NFTs on OpenSea have increased to 1.98 ETH (almost $2,800) — more than double the initial mint price in ETH.

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About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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