Porsche’s NFT Collection Struggles to Sell Amid Bear Market Criticism
• Porsche recently made its Web3 debut with the launch of its first Non-Fungible Token [NFT] collection.
• The collection comprised 7500 NFTs featuring the popular Porsche 911 sports car with a set mint price of 0.911 Ether [ETH] or $1490 per NFT.
• Users on Twitter were not too thrilled about a luxury dealer like Porsche trying to make millions of dollars with NFTs amid a bear market.
Porsche recently made its Web3 debut with the launch of its first Non-Fungible Token [NFT] collection, featuring the iconic Porsche 911 sports car. The collection comprised 7500 NFTs with a set mint price of 0.911 Ether [ETH] or $1490 per NFT. Porsche was hoping to capitalize on the growing popularity of NFTs, as well as the fan base of the Porsche brand.
The minting of these NFTs was spread out over four waves in the allow list mint. This was followed by a public mint, where buyers could mint up to three of the 911 NFTs. The rollout was divided into three phases, with the first phase currently underway. Porsche has not revealed too much about Phase 2, but Phase 3 seemed to be based on rarity. Users will be able to turn their 911 NFT into one of the 150,000+ variations claimed by the official website.
Unfortunately, the collection has been struggling to sell since launch. At the time of writing, only 1371 of the 7500 NFTs had been bought, leaving over 82% of the collection unsold. The metrics on the secondary market painted a worse picture for the collection. Data from NFT marketplace OpenSea revealed that the selling price of the 911 NFTs had fallen below the mint price of 0.911 ETH. The floor price had initially spiked to as high as three ETH on 23 January but returned to the original mint price at press time.
Users on Twitter were not too thrilled about a luxury dealer like Porsche trying to make millions of dollars with NFTs amid a bear market. One user pointed out that Porsche was taking advantage of the NFT craze without actually participating in it. Others were critical of the company’s decision to launch the collection at such a high mint price, with some claiming that the company was trying to “cash in” on the NFT hype.
Ultimately, it remains to be seen if Porsche’s NFT collection will be able to turn its fortunes around. Despite the criticism, the company still has plenty of time to make the collection work, as the first phase of the rollout is still underway.