January 24, 2023

Only 18% of Porsche NFTs Sold Hours after Release

Only 18% of Porsche NFTs Sold Hours after Release Featured Image

German automaker Porsche launched its NFT collection on Monday, which includes 7,500 customizable tokenized vehicles of its iconic 911 sports car. 

It was expected that the sales of Porsche NFTs would skyrocket, however, roughly 18%, only 1,345 NFTs, were sold on the first day of their release, as it seemed that the collection failed to gain popularity. 

Porsche NFTs’ minting price dropped from 0.911 Ethereum to 0.88 ETH, a few hours after its launch, Crypto Slate quoted data from Opensea as saying. The crypto community criticized the German automobile manufacturer’s high price of minting, describing its sales strategy as a “cash grab.”

NFT artist Pandaone said: “[Porsche’s] failure is a good reminder that if web2 giants want to succeed in web3, they must put their egos aside and heed the advice of those who have been working in the space for real. If not, what’s the purpose of getting advisors?”

Also, NFT artist Dave Krugman told CoinDesk that companies that enter the Web3 world should act for the long term in terms of releasing NFTs.

The NFT collection, designed by designer and 3D artist Patrick Vogel, will consist of 7,500 unique digital collector’s items. Users can register in advance on an Allowlist. Each user can purchase only three NFTs at most, the German manufacturer said in a statement. 

The company hinted at the project at the Art Basel conference in Miami on November 30. Porsche’s move comes within a framework of its keenness to strengthen its position as an iconic brand and transfer the immersive appeal of its sports cars to desirable gems in the digital world.

It said in a statement: “Digital art is just one aspect of Porsche’s Web3 strategy. The sports car manufacturer is working to integrate the potential of blockchain technology into existing and future processes and solutions.” 

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