Porsche Releases NFT Series, Community Performs Poorly

Porsche Accepts Crypto Payment With Bitpay Integration
  1. Porsche released its first NFT collection on Monday.
  2. The community did not however perform well in the resale value.
  3. Only 1198 NFTs have been sold on Porsche’s official website.

On Monday, the German carmaker, Porsche, distributed its first collection of non-fungible tokens, PORSCHΞ 911, but contrary to what some enthusiasts may have believed, the initiative is not heading toward high resale values in the near future.

The minting of the 7,500-edition collection, which pays tribute to the brand’s classic 911 sports vehicle, began on Monday at nine in the morning Eastern Standard Time in four waves, each lasting one hour. 

Following the conclusion of the first minting for the allowlist, the mint was opened up to the general public with no predetermined end date. Collectors were permitted to mint up to three virtual 911 Porsches at a price of 0.911 ETH for each vehicle, which is equivalent to around $1,490.

The sales of the collection seemed to come to a standstill sometime after the mint first opened its doors to the public. Only 1198 NFTs have been sold on Porsche’s official website at the time, which is around 16% of the whole collection.

The sales on the secondary market looked to be stagnant as well. At the time, the collection’s floor price was 0.89 ETH, which is equivalent to around $1,450. This indicates that the collection could be purchased on secondary markets like OpenSea for $50 less while the mint was still active.

Experts in the area, such as Dave Krugman, an artist and the founder of the NFT creative firm, Allships, have voiced their opinions over the collection’s mint price on Twitter, labelling it as being out of touch with the audience that it is trying to attract via Web3. 

When launching NFTs, major Web2 businesses that are transitioning into the Web3 arena, according to him, need to think about the long term.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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