The Underwhelming Response to GQ Magazine’s NFT Minting

03/10/2023 01:12 • Daily Digest • 136 views

According to the news on March 10, the minting of GQ magazine NFT “GQ3 NFT” started on this Wednesday, and a total of 1661 NFT access passes were issued at the price of 0.1957 ETH, but only 1060 ETHs were sold at the end of the minting window on Friday. In addition, according to OpenSea data, the floor price of GQ3 NFT has also halved, and has now fallen to 0.1 ETH, with a total transaction amount of only 28 ETH (about $40000). （Decrypt）

NFT of GQ magazine has not been sold out, and the current floor price has halved to 0.1 ETH

Analysis based on this information:

The world of digital art has witnessed a revolution in recent years with the advent of blockchain technology and its application in the creation and sale of Non-Fungible Tokens (NFTs). Many artists and celebrities have mints their own NFTs to cash in on this trend, and now GQ magazine has joined the bandwagon. However, the response to their NFT minting has been underwhelming, as only 1060 ETHs sold out of the 1661 NFT access passes issued.

The minting of GQ Magazine NFT “GQ3 NFT” began on March 10, and after the sale window closed on Friday, the data from the OpenSea platform showed a total transaction amount of only 28 ETH, equivalent to about $40,000. This is a meager return for a brand as big as GQ, and it shows that the hype surrounding NFTs may be tempering down.

The declining interest in GQ3 NFT is reflected in the floor price of the tokens, which has now halved to 0.1 ETH. This means that even those who invested in the tokens are not willing to sell them for the original price of 0.1957 ETH. The fall in floor price can be attributed to the reluctance of investors to buy NFTs that have no intrinsic value, apart from their association with a famous brand.

The poor response to GQ3 NFT also raises questions about the sustainability of NFTs as an investment instrument. While many collectors have made fortunes buying and selling NFTs, there is no guarantee that they will continue to hold value in the long run. The market is still volatile, and the unpredictable nature of cryptocurrency makes it challenging to make sound investment decisions.

In conclusion, the underwhelming response to GQ magazine’s NFT minting highlights the uncertain future of NFTs as a viable investment instrument. While the technology has opened up new possibilities for creators and collectors alike, the hype surrounding it may have to die down before a stable market can emerge.

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The Underwhelming Response to GQ Magazine’s NFT Minting

NFT of GQ magazine has not been sold out, and the current floor price has halved to 0.1 ETH

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