Porsche NFT Collection Hits Speed-breaker
German carmaker Porsche released its first non-fungible token (NFT) collection on Monday, though the project isn’t racing towards high resale prices as fans may have speculated.
The 7,500-edition collection, which pays homage to the brand’s iconic 911 sports car, opened minting for allowlist holders at 9 a.m. EST on Monday in four waves of one hour each.
After the initial allowlist mint ended, the mint was released to the general public with an open-ended stop time. Collectors were allowed to mint up to three virtual 911 Porsches at 0.911 ETH each, roughly $1,490.
In the hours after the mint initially opened, sales of the collection appeared to stall. By Monday evening, only 1198 NFTs – about 16% of the total collection – had sold through Porsche’s official website.
Sales on the secondary market also appeared idle. At the time of writing, the collection’s floor price was 0.89 ETH, or about $1,450 – meaning, the collection was selling for $50 cheaper on secondary marketplaces like OpenSea while the mint was ongoing.
Meanwhile, some Twitter users pushed back against the collection, noting its expensive mint price and sales strategy that appeared misaligned with the ethos of Web3.
One among many Twits suggests, “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”.
(With inputs from Shikha Singh)
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