“GQ Magazine’s NFT Launch Fails to Impress, Resulting in a Rapid Decline in Value”
GQ’s NFT Drop Fails to Sell Out, Brand Attempts to Keep Buyers Happy
GQ, the popular men’s lifestyle magazine, recently launched its GQ3 community and associated Ethereum NFT drop, but failed to sell out its mint. The magazine offered 1,661 total NFT access passes for 0.1957 ETH each, or about $290, but only 1,060 were sold by the end of the mint window.
In response, GQ announced that it would randomly airdrop half of the remaining supply of NFTs to existing holders. This move is meant to reward buyers and provide them with additional potential value when reselling the NFTs.
The GQ3 community and NFT drop are part of the magazine’s move into Web3, following in the footsteps of other legacy print publications. The NFTs promised various benefits to buyers, including access to exclusive events and experiences.
Despite the lackluster sales, GQ remains committed to exploring the potential of Web3 and NFTs. The magazine has already announced plans for future drops and events, and is working to keep its NFT buyers happy as resale prices fall.
As the NFT market continues to evolve, it remains to be seen how legacy brands like GQ will fare. But for now, the magazine is forging ahead with its Web3 initiatives and hoping to capture the attention of a new generation of readers and collectors.