Lately, an increasing number of businesses and brands are attempting to break into the realm of NFTs. Renowned fashion publication GQ also sought to join the Web3 universe last weekend by introducing their own NFT collection titled “GQ3 Issue 001: Change is Good”. A misstep or a groundbreaking move towards the Web3 Sphere?
The GQ3 Issue 001 collection mint
The assortment featured over 1,661 distinct and innovative art pieces crafted by four talented artists who developed a total of 100 attributes. These NFTs were designed to provide added value as utility passes, granting holders exclusive entry to upcoming GQ events, merchandise offerings, and priority access to NFT GQ editions.
Regrettably, the sales performance was underwhelming with only 1,060 artworks sold – leaving an unclaimed inventory constituting around 36% of the entire collection. As a result, the floor price dropped sharply. At the time of launch, one NFT still cost 0.1957 ETH. The current floor price on OpenSea hovering at under 0.1 ETH further indicates that this project has not garnered much enthusiasm among potential buyers.
Reactions from team and community
The GQ3 team has revealed plans to allocate the remaining NFTs as loyalty rewards, randomly selecting their recipients. This move demonstrates the group’s intention to optimize unsold NFT utilization, much like Porsche did when they returned some of their unsold tokens after selling off an entire collection.
Reactions from the community regarding GQ’s initiative have been divided; while some view it as a money-making scheme, others appreciate its potential for utility-focused applications. Regardless of these opinions, one thing is evident: integrating NFT technology remains challenging for businesses and brands alike.
As we look ahead at how this digital landscape evolves in relation to commerce and industry players entering Web3 or decentralized finance spaces – there will undoubtedly be intriguing developments that unfold over time. Businesses that don’t engage with web3 today could miss out on digitization tomorrow.
