24 Jan 2023
Porsche NFT collection floor price drops post-launch
Porsche is receiving criticism from the cryptocurrency community, which is critical of the high mint price and "cash-grab" sales approach
A few hours after its Jan. 23 launch, Porsche's NFT collection's price dropped below its mint price of 0.88 Ethereum (ETH), or $1440, to 0.911 Ethereum (ETH), or roughly $1,500. As a result, the world-famous automaker angered the cryptocurrency community, which harshly criticized its high mint price and labeled its sales strategy as a “cash-grab.”
What is the NFT collection from Porsche? The famed 911 sports car is one of 7,500 customizable tokenized vehicles in the German automaker NFT collection. Collectors can modify the behavior and appearance of their NFTs, but they are only allowed to mint a total of three. Before granting access to the public, the company began minting at 9:00 AM (UTC-5) in four waves of one hour each for “allowlist” holders.
Porsche received criticism from the cryptocurrency community, which seemed to have given up on the minting because, as of the time of publication, only 1,345 NFTs (18% of the total collection) had been produced. The collection only had 270 sales on OpenSea, with a floor price dropping from 3 ETH to 0.88 ETH.
Pandaone, an NFT artist, said:
"[Porsche’s] failure is a good reminder that if web2 giants want to succeed in web3, they must put their egos aside and heed the advice of those who have been working in the space for real. If not, what’s the purpose of getting advisors?"
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