Hyped Porsche NFT Collection Stalls on Launch

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Porsche, the eclectic German car manufacturer, announced the launch of its first NFT collection on Monday. However, the project has failed to gain enough traction despite heavy speculation and buzz around it.

Who does not know about the legendary 911 sports car from the house of Porsche? Cars from Porsche are tantamount to a cult social status, power tech, and years of intense service and research. With so much fame and recognition behind it and with superlative luxury brands already in NFTs, the sports car magnate’s entry was not surprising.

More on the collection

The edition is a 7500 collection that pays tribute to its illustrious 911 sports car. Each NFT represents ownership of a specific virtual car for use in online racing games and other digital experiences. Porsche plans to use the proceeds from the NFT sales to fund the development of new electric vehicles. It’s noteworthy that Porsche is not the only car manufacturer that is exploring the use of NFTs, with other companies such as BMW and F1 also testing the market.

The mint was opened for allowlist members at 9am EST on January 23. Phased in 4 waves of one hour each, the collection opened to the general public after the allowlist minting ended. The general mint took place on an open-ended stop time wherein the collectors could mint up to three 911 Porsches at 0.911 ETH. In the next phase, holders can choose one out of the three paths and customize both design and rarity of their NFTs.

What went wrong?

At the time of writing, the sale hasn’t been completed, with 6108 NFTs minted out of 7500 as per its website. Even sales in the secondary markets lacked response considering the collections are from Porsche. The floor price on OpenSea is 0.89 ETH which is $50 cheaper than its original mint price.

In December last year, Porsche announced its foray into NFTs at the Miami Art Week. It partnered with the digital collectible company Road2Dreams for NFT distribution, but Twitterati and NFT degens were not happy with the high mint prices. Another possible reason could be that the sales strategy of the collection may not have aligned with the values of the Web3 community, which emphasizes decentralization, transparency, and inclusivity. 

Could it also be that Porsche may have underestimated the level of competition in the NFT market or not marketed their collection effectively enough?

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