After hours of allowing mint, Porsche only sold less than a fifth of its 7,500 NFT collection because it was not interested by investors.
At dawn on January 24, the famous German sports car company Porsche officially entered the crypto space when it held the first NFT sale.
— PORSCH (@eth_porsche) January 23, 2023
Porsche plans to release a total of 7,500 ETH with the image of its iconic 911 model. Buyers will be able to mint up to 3 NFT with a mint price of 0.911 ETH – equivalent to $ 1,490 at the time of writing. At this price, the automaker expects to collect about $ 11.1 million from the NFT collection.
The collection’s development roadmap states that in the near future, NFT holders will be able to customize their NFT by choosing one of the “three growth directions”, as well as adding features that increase the value of the NFT. rare for NFT.
However, Porsche’s collection does not seem to be creating enough attraction for NFT investors when nearly 5 hours have passed so that since the public mint, only 1,330 of the 7,500 NFTs have been minted, accounting for 17. 7%.
Meanwhile, the trading activity on the secondary markets is also not very active when there was a time when the selling price of NFT Porsche above fell to 0.89 ETH – which is lower than the original mint price. However, at the time of writing, the price of OpenSea floor has increased again to 0.911 ETH.
It can be seen that despite promoting the NFT collection extensively since mid-December, Porsche still cannot organize a successful NFT sale like other projects. As observed by many people, the reasons for this failure include:
– Mint price is very high compared to the current crypto market situation;
– Failing to build a community to talk about the sale;
– There is nothing special about NFT products as well as the sales strategy, making many people feel that this is just a trick for Porsche to collect more money from crypto.
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.
— 0://wilder.frank (@realfrankwilder) January 23, 2023
“Porsche’s NFT sale is the perfect example of why even the most well-known brands need to partner with Web3-savvy companies in order to effectively enter the field.”
For comparison, the recent NFT sales of Yuga Labs or even former President Trump went well because they understood the situation of the crypto market in the past months and lowered expectations, as well as creating excitement. from the community.
Despite the decline in interest in NFT, recent times have still seen a series of big brands selling NFTs such as the TV series Game of Thrones, the football club Manchester United. , Starbucks beverage chain or social network Reddit.