Fashion magazine GQ’s entry into Web3 is the NFT version of wearing socks with sandals. The legacy brand failed to sell out its project and closed the mint Wednesday morning. Now, they are scrambling to bring value to their holders. What is the GQ NFT collection?
What is the GQ NFT collection?
Titled “GQ3 Issue 001: Change is Good (by GQ Magazine)”, the collection features artwork from Chuck Anderson, Kelsey Niziolek, Serwah Attafuah, and the pseudonymous REO. Each artist created more than 100 traits to form 1,661 unique, generative pieces for the project. The 1,661 collection size is a nod to GQ’s 66th anniversary this year.
The NFTs themselves are utility passes to the GQ’s Web3 ecosystem called GQ3. Holders receive magazine subscriptions, merchandise, access to GQ events, and priority access to future NFT drops. 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. Given the recent price drop for Ethereum, however, buyers are down to a USD value of $155 from the mint price of just about $303.
How will GQ bring value to holders?
The GQ3 team announced they will distribute the remaining supply to randomly-selected holders as a customer loyalty reward. They also will hold a portion of the unsold NFTs for “community and promotion”. Community responses were mixed.
This decision is a deviation from another recent embarrassing NFT drop turned Web3 comeback story. In January, Porsche, the luxury car maker, raised eyebrows by charging an exorbitant .911 eth to mint their 7,500-piece collection. Embarrassingly, they were only able to sell 2,363 items amidst backlash from the NFT community.
In response, Porsche burned the unsold portion of their supply. As a result, the floor price of the collection skyrocketed and has remained over 2 eth ever since that decision.
Will GQ be able to pull their own Web3 miracle and bring their Change is Good NFT collection back into vogue Time will tell!