- Porsche launched its first set of NFTs as a tribute to the 911, with 7,500 NFTs set at a mint price of 0.911 ETH.
- The group experienced a slow start and saw a drop in value in the secondary market, with the floor price dropping to 0.89 ETH, down from the initial sekak price of 0.911 ETH.
- Porsche’s lack of adherence to Web 3.0 principles has been criticized by the NFT community and raises questions about the effectiveness of the company’s attempt to go into space.
German auto giant Porsche launched its first non-fungible token (NFT) set on Monday, January 23, 2023, in honor of the iconic 911 model. The NFT pool consists of 7,500 NFTs with a specified mint price of 0.911 ETH, worth about $1,479.54 per NFT at the time of writing.
During the first hours of sale, only 16% of the kit was minted on the official Porsche website. The secondary market sales appeared relatively inert, with the floor price dropping to 0.89 ETH, worth roughly $1,446.61 at press time. The NFTs were selling on the secondary markets for less than the initial price of 0.911 while the mint was still going on.
The goal of the NFT group was to create a virtual community of 911 owners to “co-create the future of Porsche” in Web 3.0.
Despite the great foundation Porsche has laid in the Web 2.0 era, Crypto Twitter finds the car brand’s attempt to transition to Web 3.0 to have contradicted the underlying principles of the space.
Crypto Twitter is preparing for backlash
Porsche presented its NFT collection at the Art Basel International Art Fair on December 1, 2022, and the NFT community was highly anticipated over the unexplored niche of NFT cars.
However, since launch, Crypto Twitter has gone into hyperdrive with reactions to the NFT pool.
Twitter user BitSaga identified four issues they believe hindered the successful launch of Porsche’s NFT collection:
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Issues: 1 – price is 10x the typical mint (you’ve proven yourself in your industry, but not in Web3) 2 – 7500 offering is pretty plentiful 3 – lack of awareness of timing/market conditions 4 – tool is unclear beyond token allocations (apparently Space Wants Experiments IRL)
– BitSaga (@bitsaga128) January 24, 2023
Another Twitter user, wilder.frank, thinks Porsche’s attempt to enter the Web 3.0 space is a lesson for brands to learn from:
“The Porsche Mint is a perfect example of why even the most iconic brands need to partner with Web3 natives to enter the space in a real way.”
190.eth is an opportunity for participation and insight, and is posting a poll on Twitter asking the community to vote on whether to participate in the Porsche NFT project. The end results were very decisive:
Do you dare to buy this kind of project that obviously takes a wave of money and then goes bust?
– 190.eth (@190_eth) January 21, 2023
Other users were less serious in their remarks, using the opportunity to put a humorous light on the event:
Can I get some help? I minted a Porsche NFT but when I checked my wallet it found a 2001 Chevy Cavalier instead hope this gets fixed ASAP pic.twitter.com/FuqgsONI6D
– BC (@BCSmithHere) January 23, 2023
Given the divisive reaction on Twitter, it’s not surprising that the Porsche NFT sale has struggled to gain traction. In fact, at the time of writing, there are still 6055/7500 Porsche 911 NFTs on the official website, indicating that only 20% of the lot has been minted.
on the flip side
- Crypto Twitter expects interest in the Porsche NFT collection to drop further, along with its value.
- It remains to be seen if Porsche will address the situation and act on community feedback.
- Despite the turbulent first-phase launch of the NFT pool, Porsche has so far collected an approximate volume of 1,300 ETH ($2.1 million) from successful sales.
Why should you bother
The breakdown of the Porsche 911 NFT collection illustrates the challenges established brands may face when transitioning to Web 3.0. Transformation becomes even more difficult when brands do not prioritize community, the nuances and elements critical to the success of Web 3.0 projects.
Read more about the initial announcement of the Porsche 911 NFT Collection:
Porsche is showcasing its first-ever NFT collection at Art Basel in Miami Beach
Stay tuned for high-speed NFT action:
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