GQ's NFT Drop Struggles

12 mars 2023

GQ, a men's lifestyle magazine, has recently launched its GQ3 community and Ethereum NFT drop, making it the latest legacy paper magazine to transition into Web3. However, the magazine's mint did not sell out, and the business is now looking for ways to keep NFT customers satisfied as resale values decrease.

The GQ3 NFT mint started on Wednesday, with 1,661 NFT access licenses available for 0.1957 ETH each, but as of this morning, only 1,060 NFTs have been sold. GQ announced that it will randomly airdrop fifty percent of the remaining NFT supply to existing holders and will retain the majority of the remaining supply for community and promotion.

The cheapest-listed GQ3 NFT on OpenSea is currently priced at 0.105 ETH ($155), and 27 ETH ($39,350) worth of NFTs have been traded. GQ is not the only prominent brand whose NFT drop falls short; Porsche attempted to sell 7,500 Ethereum non-fungible tokens (NFTs) in January but only sold approximately 1,850 NFTs before ending the mint.

However, 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.

GQ plans to reward its NFT holders by providing them with a one-year print magazine subscription, digital access, a GQ hat, other merchandise, and entry to GQ3 parties, beginning with one at the NFT NYC conference in April. Holders will also have priority access to future NFT drops and access to a unique Discord server section