January 28, 2023

Porsche NFTs’ Floor Price Hikes Following Halting Minting

Porsche NFTs’ Floor Price Hikes Following Halting Minting Featured Image

Porsche-NFTs

Porsche NFT collection doubled from 0.88 Ethereum (ETH) to 1.87 ETH — roughly $3000 — over the last 24 hours, according to Coingecko data.

The German car maker car company decided to stop minting new NFTs on January 25, facing the crypto community backlash for its NFTs’ high mint price and supply. 

Porsche planned to sell 7,500 NFTs at a floor price of 0.911 ETH, a matter which draw criticism from the crypto community for the high price of minting, describing its sales strategy as a “cash grab.” This encouraged Porsche to stop minting new tokens, ending with 2,363 tokens created, creating a supply shock and leading to a hike in the prices. 

The floor price of tokens, which represented Porsche’s iconic car, 911, reached 3.3 ETH two days ago, according to data from OpenSea.

The luxury automobile manufacturer said its NFT holders would enjoy certain benefits, which included inside access to Porsche’s team of designers, engineers, and events. Holders would also have a role in Porsche’s web3 future co-creation.

Commenting on the debate which the NFTs caused since their release, a Porsche spokesman told CoinDesk: “We see a lot of interest in the mint from art lovers and Porsche enthusiasts. Many customers from the Web3 community have obviously held back because direct resale seemed unprofitable due to the customization of the NFT. The size of the community is not decisive for us… What is crucial, is that we can offer the community the most exclusive and individual events and utilities possible.”

Earlier NFT artists criticized Porsche’s NFTs, saying companies that enter the Web3 world should act for the long term in terms of releasing NFTs and put their egos aside. 

Tags :
Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.