- Porsche has experienced backlash over the minting prices of its first NFT collection
- The collection has 7,500 NFTs with a collector allowed to mint only three collectibles
- Price dropped immediately after the minting period, showing the community’s lack of interest
The attempt by German car brand Porsche to enter the NFT market has backfired after the crypto community balked at the prices being asked. The PORSCHΞ NFT collection, which features 7,500 collectibles and includes the manufacturer’s coveted 911 sports car, saw its valuations drop after the launch, with many asking why the brand has launched such expensive NFTs at a time when the market is massively down from its 2021 highs and is going through a bear market.
$50 Discount on OpenSea
Porsche allowed those on its waitlist to have the first peak of the NFTs yesterday, Jan 23 before the doors opened for other collectors on the same day. The carmaker capped the number of NFTs per collector to three with each retailing at 0.911 ETH which is equivalent to approximately $1,500. Porsche NFT holders can choose to customize their virtual artworks to increase their rarity.
It’s cheaper to buy on opensea right now, less than 1000 minted:https://t.co/zRPwznVpcg
— CryptoSteve.eth (@CryptoStylesUSA) January 23, 2023
However, the collection didn’t attract a sizable trading volume having sold around 16% of the collection by Monday evening according to the car maker’s website. Interestingly, the price on OpenSea and other secondary NFT trading platforms was $50 lower than what was being offered on the official website, a sign that some collectors were trying to get rid of their holdings.
Porsche Needs a .eth Name
The crypto community was also not happy with the NFTs’ high mint prices and how Porsche handled its entry into the NFT market. For example, a Twitter user admitted to being a Porsche fan but the collectibles’ high prices have hindered them from owning a Porsche NFT.
Being a @eth_porsche fan I would like to be part in this project , but your decisions are off web3 community and the price way out of reach in these market conditions.
— 🐃 ₿onViveur.x (@_BonViveur_) January 23, 2023
Others wondered how the German carmaker “wants to get into Web 3.0” without first owning a .eth name, while others suggested that established traditional brands like Porsche need to partner with Web 3.0 firms to help them “enter the space in a real way.”
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 predicaments resembled those recently experienced by National Geographic which also faced criticism after launching an NFT project, stressing the need for conventional brands to partner with reputable Web 3.0 firms to be able to maneuver the Web 3.0.