The German luxury car manufacturer Porsche has launched its highly anticipated non-fungible token collection. But, following the extended crypto winter, these NFTs have failed to gain essential traction within the crypto market.
Porsche Launches Its New NFT collection
The luxury car manufacturer first announced plans to launch its new NFT collection in November 2022. The new NFT collection, which features a limited edition of 7,500 NFTs, was aimed at celebrating Porsche’s legendary 911 sports cars.
The Porsche NFT collection began minting for those on the allowlist on Monday at 9 a.m. EST in four waves of an hour each. During the launch, Porsche only allowed investors to mint a total of three NFTs for a mint price of 0.911 ETH, around $1,490.
How to mint your Porsche 911?
⚠️ Mint starts soon. First things first, make sure you are registered on our official website https://t.co/gDi9408OjH. Once the time for your Mintwave has come, you have 1 hour. If you miss it, you will have to wait until the mint goes public. pic.twitter.com/oJ5dbz4jwH
— PORSCHΞ (@eth_porsche) January 23, 2023
Unfortunately, following the prolonged bear market, the sale of this new NFT collection appears lagging, with only 1,420 of the overall collection’s NFTs sold on Porsche’s official website at the time of publishing.
Porsche 911 NFTs Market Health
According to OpenSea data, the floor price of Porsche NFTs has, since launch, decreased below the mint price of 0.911 ETH. At the time of publishing, the floor price had dropped to 0.9079 ETH from 3 ETH during the launch.
In the meantime, NFT investors continue sharing their reasons for abandoning the minting Porsche 911 NFTs, with the majority citing the recent crypto winters, which have left many assets at a loss.
Other people have criticized Porsche for lacking an active Discord community, citing that promoting its NFT collection on Twitter was not enough. Few crypto users outlined its minting price, citing that it was a bit high amid the crypto winter.
Moreover, another non-fungible token investor and influencer “Wilder Frank” added that many Web2-based firms, such as Porsche, should at least integrate dominant Web3 firms to improve their prospects of a successful NFT deployment.
The Porsche mint is a perfect example of why even the most established brands need to partner with Web3 natives to enter the space in a real way.
— 0://wilder.frank (@realfrankwilder) January 23, 2023
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