GQ NFT Launch Falls Short: Low Sales & Decreased Floor Price

03/10/2023 01:12 • Blockchain Briefs • 84 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 much-awaited launch of GQ magazine’s non-fungible token (NFT) fell short of expectations, as only 1060 ETH were sold out of a possible 1661 access passes. The minting of the GQ3 NFT began on March 10, with a price of 0.1957 ETH per access pass. However, by the end of the minting window on March 12, only 64% of the available passes had been sold.
According to data from OpenSea, a popular NFT marketplace, the floor price of the GQ3 NFT has also fallen dramatically, from 0.1957 ETH to just 0.1 ETH. As of now, the total transaction amount of GQ3 NFTs stands at a mere 28 ETH or about $40,000.

This low uptake of the GQ NFT may have resulted from several factors. Firstly, while GQ is a well-established brand with a significant following, the magazine is not necessarily associated with the NFT space. As such, it may have struggled to attract the attention of the NFT community. Secondly, the high price point for the access passes may have limited the number of potential buyers. With many other NFT projects priced attractively, GQ may have had a tough sell with many buyers unwilling to pay up for access passes.

The decrease in the floor price of the GQ3 NFT is also a worrying sign for the project. The floor price is the lowest price at which an NFT can be sold, and is an important metric for evaluating the project’s overall value. A decrease in the floor price signals a decrease in demand for the NFT, which may further limit the attractiveness of the project to potential buyers.

In conclusion, while the launch of the GQ3 NFT generated a lot of excitement, the actual uptake of the tokens has been disappointing. The combination of a high price point and limited association with the NFT space may have hurt the project’s chances. Furthermore, the fall in floor price is a worrying sign for the project’s long-term success. GQ will need to evaluate these factors and work on its strategy if it hopes to achieve success in the NFT space.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/10/gq-nft-launch-falls-short-low-sales-decreased-floor-price/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

GQ NFT Launch Falls Short: Low Sales & Decreased Floor Price

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

Recommended articles