Men’s fashion magazine GQ has launched its first-ever non-fungible token (NFT) collection, featuring 1,661 algorithmically-generated pieces.
The collection, dubbed “GQ3 Issue 001: Change Is Good,” will feature artwork from Chuck Anderson, Serwah Attafuah, Kelsey Niziolek, and REO.
According to the announcement, each artist created over 100 “traits” which were then combined algorithmically to form the pieces in the collection, before being hand-curated by the artists to form the final collection.
Subscribers to the drop will receive a subscription to the magazine, a merchandise box, exclusive GQ3 merchandise, and a ticket to a GQ3 party in New York City. Users will also get access to a special section of the GQ3 Discord as well as first dibs on future NFT drops.
GQ3 is a Discord server launched by the magazine in May 2022 aimed at streetwear and sneaker fans.
Each NFT will be sold at a price of 0.1957 ETH, around $330 at current prices. The collection kicks off on March 8.
Legacy magazines and NFTs
This isn’t the first time high-profile media outlets join the NFT game.
Vogue Singapore and Fortune Magazine first launched their NFT collections in August 2021. Music and culture magazine Rolling Stone has released not one but two NFT drops in collaboration with Bored Ape Yacht Cub (BAYC).
Some of these NFTs have been able to attract premium prices, too; The New York Times, for example, raised half a million dollars in March 2021 for an NFT of a column, while The Economist raised $419,000 for its Alice in Wonderland-themed “DeFi Rabbit Hole” cover.
However, not all entrants have been met with positive feedback from the wider crypto community.
News network CNN shuttered its NFT project dubbed “The Vault” in October 2022 which offered NFTs that commemorated major news events.
The closure of the project, which at one point promised merchandise and perks as “coming” soon, was derided as a “rug pull” by some in its Discord community.
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Source: https://decrypt.co/121492/gq-joins-list-legacy-media-outlets-joining-nft-bandwagon
