The GQ fashion magazine entry on Web3 is the NFT version of wearing socks with sandals. The legacy brand failed to sell its project and closed the mint on Wednesday morning. Now, they strive to add value to their holders. What is GQ NFT Collection?
What is GQ NFT Collection?
Titled “GQ3 Issue 001: Change is Good (by GQ Magazine),” the collection features artwork by Chuck Anderson, Kelsey Niziolek, Serwah Attafuah, and the pseudonym REO. Each artist created more than 100 features to form 1,661 unique generative pieces for the project. The collection size of 1661 is a nod to GQ’s 66th anniversary this year.
The NFTs themselves are utility passes to GQ’s Web3 ecosystem called GQ3. Holders receive magazine subscriptions, merchandise, access to GQ events, and priority access to future NFT releases. GQ priced the mint at .1957 per item and only managed to sell 1,060 pieces, leaving 36% of the collection unsold.
The price on OpenSea currently sits at .11 eth with a standing offer of .085 weth. However, given the recent Ethereum price crash, buyers are down to a USD value of $155 from the mint price of nearly $303.
How will GQ add value to headlines?
The GQ3 team announced that they will be distributing the remaining supply to randomly selected holders as a reward for customer loyalty. They will also retain a portion of unsold NFTs for “community and promotion.” Community responses were mixed.
This decision is a departure from another recent embarrassing NFT drop turned Web3 comeback story. In January, luxury automaker Porsche turned heads by charging an exorbitant .911 eth to mint its 7,500-piece collection. Shamefully, they were only able to sell 2,363 items amid backlash from the NFT community.
In response, Porsche burned the unsold part of its supply. As a result, the minimum price for the collection skyrocketed and has remained above 2 eth since that decision.
Will GQ be able to pull off their own Web3 miracle and bring their Change is Good NFT collection back into fashion? Time will tell!
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