Fashion magazine GQ’s foray into Web3 is the NFT version of wearing socks with shoes. The heritage brand closed on Wednesday morning after failing to sell the project. Now, they are trying to bring value to their holdings. What is the GQ NFT collection?
What is the GQ NFT collection?
Titled “GQ3 Issue 001: Change Is Good (via GQ Magazine),” the collection features artwork from Chuck Anderson, Kelsey Niziolek, Serwah Attafuah, and the eponymous REO. Each artist created over 100 features to create 1,661 unique creative elements for the project. The collection size of 1,661 marks the 66th anniversary of GQ this year.
The NFTs themselves are utility gateways to GQ’s Web3 ecosystem. Holders can get magazine subscriptions, merchandise, access to GQ events, and priority access to future NFT drops. GQ priced the mint at .1957 and sold only 1,060 pieces, leaving 36 percent of the collection unsold.
The price on OpenSea currently sits at .11 eth with a permanent discount of .085 weth. Taking into account the recent price drop for Ethereum, buyers dropped from $303 to $155.
How does GQ bring value to shareholders?
The GQ3 team announced that they will distribute the remaining supply to randomly selected owners as customer loyalty rewards. They also hold a portion of the unsold NFTs for “community and promotion”. Community reactions have been mixed.
This decision is a reversal from another recent embarrassing NFT drop to Web3’s comeback story. In January, luxury carmaker Porsche raised eyebrows by charging an inflated .911 eth to release its 7,500-piece collection. Shamefully, they were only able to sell 2,363 items due to protests from the NFT community.
In response, Porsche burned the unsold portion of their supply. As a result, the set’s floor price skyrocketed and has remained above 2nd since that decision.
Time will tell if GQ can pull off their own Web3 Miracle and change the Good NFT collection back into fashion!
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