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

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）

Interpretation of this information:

The article discusses the minting of GQ magazine’s NFT called “GQ3 NFT,” which started on March 10. The NFT access passes were sold for 0.1957 ETH, with only 1060 ETHs sold by the end of the minting window on March 12. The floor price of GQ3 NFT has also decreased and is now at 0.1 ETH, with a total transaction amount of only 28 ETH.

NFTs or non-fungible tokens, have been gaining a lot of attention lately, being embraced by artists, musicians, and athletes around the globe. The term “non-fungible” indicates that these tokens are unique and cannot be exchanged for something else. GQ magazine’s minting of an NFT is a way to experiment with this new technology to potentially create a new revenue stream.

However, the lackluster sales of GQ3 NFT may suggest that not every NFT is a guaranteed success. The decrease in the floor price from 0.1957 ETH to 0.1 ETH indicates that the demand for this particular NFT is low. This also highlights the importance of a strong brand and loyal fanbase for an NFT to succeed.

The future of NFTs is still uncertain, with some experts claiming that it is just a fad, while others believe that it has the potential to revolutionize the way we buy and sell digital assets. This experiment by GQ magazine is a small but significant step towards understanding the feasibility and acceptance of NFTs in mainstream media.