Porsche NFTs Debut Leds to a False Starts with Mint Ends Early and Supply Cut
The sports car manufacturer debut of its own NFT collection on Web3 failed after criticism from crypto and fan community.
Stuttgart-based luxury carmaker Porsche's 7,500 NFT collection failed its initial launch on Monday after criticism that pushed their pricey collectibles drop fell well short of selling out, forcing the brand to cut the supply.
The company, in homage to the iconic 911 sports car model, set a price of 0.911 Ether per image, which is around $1,475 at the time of writing. However, the corporate strategy of entering the Web3 in this price category was punished by negative feedback for “low effort” from the crypto and fan community, suggesting that a less expensive Web3 debut would have suited the company better. On the starting line, the project fared poor, selling even below the mint price.
As a result, Porsche announced that it would halt the minting prematurely, ending with 2,363 tokens created. “Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community,” the company stated on Twitter. But the company left the mint still open, which further inflamed the NFT community.
Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours.— PORSCHΞ (@eth_porsche) January 24, 2023
To date, less than half of the NFT images have been sold and on Tuesday, but collection’s floor price has now more than doubled from its mint price as the cupply cut is sending the price soaring on the secondary market. According to data from OpenSea, the tokens modeled after the famed 911 sports car are currently trading for floor price of 3.3 ETH, or roughly $5,200. The collection’s total trading volume is 1,344 ETH, or about $2,120,800.
Porsche launched its Web3 journey with a unique 7,500-piece NFT collection created by Hamburg designer and 3D artist Patrick Vogel on Monday. “With this project, we are starting another chapter in our digitisation strategy,” explained Lutz Meschke, deputy CEO and member of the management board for finance and IT at Porsche. “Our commitment is long-term, and our Web3 team has the freedom to develop innovations in this dimension.”