Porsche NFT Cluster Crashes As Crypto Twitter Returns To Backlash

Porsche NFT Cluster Crashes As Crypto Twitter Returns To Backlash

  • 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.

The German giant Porsche made its debut First Non-Fungible Token (NFT) On Monday, January 23, 2023, a tribute to the iconic 911. The NFT collection consisted of 7,500 NFTs with an array Mint price is 0.911 ETHworth around $1,479.54 per NFT at the time of writing.

Within the first hours of being sold, only 16% of the lot had been minted Porsche official website. The secondary market sales appeared relatively inert, with the floor price dropping to 0.89 ETH, worth Approximately $1446.61 USD at the time of publication. Q NFTs have been soldn secondary markets Below the initial price of 0.911 while the mint price was still going up.

The goal of the NFT group was to create a virtual community of 911 owners to “Take part in creating the future of Porschein Web 3.0.

Despite the great foundation that Porsche has laid in the era of Web 2.0, Crypto Twitter opens That the car brand’s attempt to transition to Web 3.0 has 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 it was assumed that the unexplored niche of NFTs Very expected By the NFT community.

However, since launch, Crypto Twitter has gone into hyperdrive with reactions to the NFT pool.

Twitter user BitSaga has identified four issues that they believe The success of the Porsche Group has hampered NFT launch:

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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 established brands need to partner with Web3 natives to enter the space in a real way."

190. He saw an opportunity to share, gain insight, and publish Twitter poll Asking the community to vote on whether to buy into the Porsche NFT project. The end results were very decisive:

Other users were less serious in their remarksTake the opportunity to shed a comic light on the event:

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 this writing, it is still there 6055/7500 Porsche 911 NFTs on the official website, indicating that only 20% of the set has been minted.

on the flip side

  • Twitter encryption Expect Interest in the Porsche NFT collection is declining further, along with its value.
  • It remains to be seen If Porsche were to take up Attitude and act on community feedback.
  • Despite the tumultuous launch of the first phase of the NFT collection, Porsche has so far collected an approximate volume of 1,300 ETH ($2.1 million) of 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:
Sandbox partnered with Iconic Manga, Fist of the North Star

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