The hyped NFT collection fell below 0.911 ETH mint price to 0.88 ETH, ruining the expectations of the carmaker.
The supercar manufacturer and premium luxury brand in the car market has failed to impress the crypto market. Porsche NFT drew severe criticism from the crypto community, accusing the company of high mint price, way beyond the perceived value.
The community further described the event as a ‘cash grab’ strategy by charging exorbitant prices for the NFTs. Founded in 1931, Porsche is known to produce world-class cars matching the level of Ferrari and Lamborghini.
On November 29th, 2022, the company announced its plans to enter the web3 space by launching 7,500 pieces of NFT collection based on Porsche 911. The complete NFT collection was released in Jan 2023 at 0.911 ETH mint price.
The company also joined hands with Vogel to connect with NFT owners and help create 3D models of NFTs using Unreal Engine5, bringing NFT to life. But the strategy backfired because of quoting the wrong price point.
So far only 1,345 NFTs had been minted out of 7,500 as of press time. On OpenSea the price collapsed from a high of 3 ETH to 0.88 ETH. It has become one of the typical case studies for web2 brands. They have to keep their ego aside in order to succeed in the web3 market.
Lamborghini, Alfa Romeo are other carmakers who have launched their NFT collection ahead of Porsche NFT while Ferrari cancelled its NFT plans after breaking ties with Velas this year.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.