Price of NFTs from GQ magazine’s collection has halved in two days after the release

The creators failed to sell out all the issued tokens

10.03.2023 - 12:55

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2 min

What’s new? On March 8, GQ, the men’s lifestyle magazine, released its own collection of non-fungible tokens (NFTs) called GQ3. By the morning of March 10, only 1060 of the 1661 tokens were sold, and their minimum value fell to almost half of its original value, from 0,1957 to 0,1 ETH (from $270,9 to $138,4 at the Binance rate as of 12:00 UTC). This is evidenced by data from OpenSea, the largest NFT marketplace.

OpenSea’s data

How does GQ comment on the situation? In social networks, Discord and Twitter, representatives of the magazine reported that at random they would distribute half of the unsold tokens among holders of GQ3. That said, the tweet was later deleted.

“We are going to reward all those who supported our artists and believed in GQ3 by sharing an Issue 001 token to a randomized 50% of unique holder wallets,” the magazine’s representatives wrote, inviting NFT recipients to “share with a friend.”

Each token of the collection offers owners a variety of benefits: a year’s subscription to a print or digital version of the magazine, accessories, party passes and priority access to future NFT drops.

Porsche introduced a collection of 7500 NFTs in late January, but after releasing 2363 assets, suspended their creation due to low sales. Thereafter, the minimum value of tokens rose to $5200 at a moment’s notice, and the collection took the top spot in terms of the daily trading volume.

The March auction to sell the NFT TwelveFold series on the Bitcoin network brought Yuga Labs $16,5 million per day.

Later, Web 3.0 company Forkast Labs launched a set of non-fungible token market indices: Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite. They are the cryptocurrency equivalents of stock market indices such as the S&P 500 and Nasdaq Composite.

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