Porsche NFT Collection Is Below The Floor Price

Key Points:

• Porsche, a well-known German automaker, has debuted on Web3 with the introduction of its first Non-Fungible Token [NFT] collection.
• Phase 2 has not been discussed much by Porsche, however Phase 3 appears to be focused on rarity. Users can modify their 911 NFT to become one of the more than 150,000 versions listed on the official website.
• Other users bemoaned the 911 NFTs’ absence of an active Discord community. To those outside the NFT community, Discord communities are a significant component.

Porsche, a well-known German automaker, has debuted on Web3 with the introduction of its first Non-Fungible Token [NFT] collection. The collection included 7500 NFTs, each of which was priced at $1490 and featured the well-known Porsche 911 sports car.

These NFTs were minted in the allow list mint over the course of four waves. The public mint that followed allowed customers to create up to three 911 NFTs. The first of the three phases of the rollout is now in progress.

Phase 2 has not been discussed much by Porsche, however Phase 3 appears to be focused on rarity. Users can modify their 911 NFT to become one of the more than 150,000 versions listed on the official website. There was a lot of anticipation because it was initially anticipated that the collection would be well-liked by brand devotees.

However, the sales of the NFTs appeared to slow down shortly after the mint. Only 1371 of the 7500 NFTs had been purchased as of the time of writing, leaving more than 82% of the collection unsold.

The secondary market indicators gave a negative impression of the collection

The selling price of the 911 NFTs has decreased below the mint price of 0.911 ETH, according to data from the NFT marketplace OpenSea. On January 23, the floor price rose all the way to three ETH, but as of the time of publication, it had dropped down to the original mint price. The NFT’s greatest bid was 0.86 wrapped ether (wETH) ($1410).

Twitter users weren’t very happy about Porsche trying to make millions of dollars using NFTs in the midst of a bear market. One user made the observation that in order to improve their chances of a successful NFT rollout, established companies should collaborate with Web3 native businesses.

Other users bemoaned the 911 NFTs’ absence of an active Discord community. To those outside the NFT community, Discord communities are a significant component.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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