Traditional Media GQ Magazine Enters Web3: A Guide to Participating in GQ3

Project Introduction

GQ, a men's magazine under Condé Nast established in 1957, has been paying attention to the Web3 field. In May last year, the official website of GQ initiated discussions on the metaverse issue and established the GQ3 community on Discord. Their articles also include discussions on NFTs and digital art. Now, GQ has launched its first NFT series, expressing one of GQ's core values 'change is the way ahead,' which is echoed in the name of the NFT series 'Change Is Good'.

On February 16, the official GQ Magazine account announced the launch of its first digital art NFT series, named GQ3 Issue 001: Change Is Good. The series consists of 1,661 NFTs, celebrating GQ's 66th anniversary. The NFTs are unique art pieces created by 4 artists using AI, each creating over 100 unique features, which are combined using algorithms to create independent works.

The four artists involved in the design of this digital art series come from various fields, including graphic design genius Chuck Anderson, punk painting master and GQ contributor Kelsey Niziolek, emerging anime artist Serwah Attafuah, and futurist AI scientist REO. Inspired by GQ's motto "change is good," the creators were commissioned to develop unique designs for the magazine's selected series.

How Investors Can Participate

The pricing for GQ3 Issue 001 NFT is 0.1957 ETH (approximately $330), paying homage to GQ's founding year. Investors can purchase using ETH or credit card in their preferred currency, supported wallets include WalletConnect, Coinbase, and MetaMask.

The series will undergo the following phases of casting on March 8:

1. Phase 1: Whitelisting for GQ OGs and active members of GQ Discord who qualify.

2. Phase 2: First-come, first-served pre-casting for selected partners and GQ pre-casting winners.

3. Phase 3: Public sale (if any in the future)

Whitelists and waitlists will be determined by GQ. Whitelisted individuals will have access to all GQ OG NFTs. If you are on the guaranteed whitelist, you will have the opportunity to cast your digital collectibles during the first phase of the whitelist period. If you are on the pre-casting list, you will have the opportunity to cast your digital collectibles ahead of time according to the casting schedule, but there is no guarantee of casting. Stay tuned to GQ's social media and discussion forums for opportunities to join the pre-casting list.

https://www.gq3.io/

It is worth noting that this NFT series will be released in blind box format. Blind box casting means that you will cast one token from the tokens released in GQ3 Issue 001 without knowing which one you will receive. This ensures that everyone has the chance to get the art they want and creates an interesting surprise when the art is revealed.

Users can view their works 24 hours after the public sale, and can view their tokens in their chosen crypto wallet and secondary marketplaces (including OpenSea) in various ways. Most users can directly access their profiles on OpenSea and find their GQ3 tokens in the "Collect" tab.

Token Rewards

Users holding GQ Issue 001: Change Is Good NFTs can become founding members of the GQ3 community and participate in community building. Individuals who purchase from this series will have access to "GQ Cosmos" and unlock many benefits.

• First, they will have access to offline events and experiences for future projects. Holders will also have priority access to various events hosted by GQ and future projects, such as an invitation to the first GQ3 party hosted by GQ during NFT.NYC in April 2023.

• Second, lucky collectors will receive magazine subscriptions, GQ boxes, exclusive merchandise, and early access to future airdrops. Holders of GQ3 Issue 001 NFTs will receive an exclusive GQ3 hat for founding members. Members in the US will also receive a free GQ box filled with GQ editor-selected products, while members outside the US will receive a special gift prepared by GQ. Additionally, token holders will receive a free one-year subscription to GQ magazine with unlimited digital access.

• Furthermore, holders will have access to a special Discord channel and will have priority access to future versions. Active Discord users will have the opportunity to participate in airdrops.

GQ3 token holders will be able to redeem rewards as soon as they are available. The application process will be announced on GQ's social channels and on GQ Discord.

The one-time utility redemption window for GQ Issue 001: Change Is Good will close on April 30, 2023, so holders should ensure they submit their utility applications for redemption before this date. After this date, if you hold GQ3 tokens, you will still have the right to enjoy future benefits, including the opportunity to participate in exclusive GQ3 events.

Challenges of Traditional Media Entering Web3

It's not just GQ Magazine; many traditional media brands have been investing a lot of effort in Web3 in the past two years, trying to find more new attempts. In the past two years, many traditional media outlets have made significant forays into the Web3 arena. However, the results have been mixed.

TIME Magazine launched its "TIMEPieces" NFT series in September 2021, featuring works from over 40 artists. To date, the project has grown to include over 11,450 pieces. The magazine also collaborated with the well-known blue-chip NFT Cool Cats to release TIME x Cool Cats NFT and held a MEME contest, attracting many participants. Many familiar magazines have been continuously exploring new ways to increase profits and expand brand effects in Web3, and have been quite successful. According to nftevening, in 2021, Fortune magazine's NFT sales raised over $650,000 for the news business.

On the other hand, CNN launched the NFT marketplace Vault in June 2021 and closed it in October 2022. Although CNN stated that they would compensate NFT holders with FLOW tokens or stablecoins, the expected compensation for users was only 20% of the original casting price of Vault NFTs. This event also sparked anger among many collectors, leading some community members to accuse the platform of orchestrating a tug-of-war.

With major traditional media outlets tasting success in Web3, more and more small and medium-sized traditional media outlets are also entering the space. The trend of traditional media entering Web3 seems unstoppable. Hopefully, they can learn from the experiences of others and bring new and interesting experiences to users in Web3, rather than just using Web3 as a gimmick to increase sales profits by releasing NFTs.

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