Porsche NFTs Price Falls Hours After Launch Following Public Backlash
Porsche NFTs Price Falls Hours After Launch Following Public Backlash.
German automobile manufacturer Porsche recently launched its very first NFT collection of 7500 NFTs each featuring the popular Porsche 911 sports car. This launch did not go as planned however, following public backlash which led the NFTs to fall to low prices.
Porsche 911 Mint
Porsche originally announced that their NFT collection could be minted for a price of 0.911 ETH, or around $1,500. Since the launch however, unlike what many seemed to expect from a luxury car brand, the NFTs did not sell extremely well and the collections floor price had even fallen from its original mint price to prices below 0.85 ETH on secondary marketplaces.
Not only that, but the collection saw only 1,345 of its NFTs (18% of the total collection) minted at the time of writing.
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Public mint is live!
→ https://t.co/gDi9408OjH pic.twitter.com/WhQIoi9pfh
— PORSCHΞ (@eth_porsche) January 23, 2023
One of the biggest reasons why Porsche’s NFT collections seem to have failed to gain traction and large numbers is due to the massive amount of criticism that the collection received.
Many in the community criticized the carmaker for creating what they described to be an “obvious cashgrab” of a project for how expensive the minting prices are.
A lot of Twitter users have also pointed out that Porsche’s NFT project lacks what is most important to many bluechip NFT projects — a community.
Artist and founder of NFT creative agency Allships, Dave Krugman, wrote on Twitter calling out the major car brand for their lack of knowledge in Web3 and Web3 communities, saying: “My number one piece of advice for major brands entering the space is make your first effort as close to free as possible. Find your community and prove yourself to them before you ask for millions of dollars.”
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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