Porsche NFT : Drop, Crash And Burn
After a strong community backlash over very high minting prices and lack of communication, Porsche decided to backpedal its NFT plans.
Porsche’s NFT Ambitions Have Stalled Right Out Of The Gate
NFT collectors were thrilled when big-time auto brand Porsche announced their entry into the Web3 space. However, things took a turn for the worse when, pre-launch, it became clear that Porsche’s expensive NFT drop wasn’t going to sell out. In fact, they ended up with a surplus of 1,800 unsold NFTs. To save face, Porsche was forced to announce they were changing course and ending the NFT mint.
Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. To provide further clarity – Mint is still open and will close tomorrow, Jan 25th at 6am UTC-5. For our holders, we can’t wait to define the future with you.
Porsche’s project focused on the German automaker’s iconic 911 sports car, with a planned drop of 7,500 NFTs that would celebrate the vehicle and allow holders access to events and exclusive merchandise. The collection was created by Patrick Vogel, the famous 3D artist.
It’s unfortunate that such a beautifully designed project had to come to an end so soon, but we’re grateful that we were able to catch a glimpse of it while it lasted.
Brands and NFTs
The crypto bull run of 2021 saw many companies, both big and small, trying their hand at NFTs. NFTs have been a hot topic in the business world and many companies are seeing different levels of success. Some companies, like Nike and RTFKT, have had more success than others.
Porsche, despite its ambition, has failed its Web3 launch and this shall be taken as a lesson for any other Fortune 500 brand. Entering the Web3 field requires working with cultural leaders of the NFT and cryptosphere.
The iconic 911. Not only a number – a legacy. Unveiling our mint price of 0.911 ETH.
— PORSCHΞ (@eth_porsche) January 20, 2023
When Porsche announced that it would sell the NFTs for 0.911 ETH a piece, or about $1,475 at the time of writing, the team did not consider the current NFT sales plunge. As Twitter backlash grows with terms such as “tone deaf”, “clueless” and “cash grab”, a price of 0.0911 ETH (about $145) would have made a lot more sense and would have been more reasonable, considering the thousands of NFTs released.
Considering the current market, building the space in Web3 as a brand might be more successful through NFTs giveaway of at least with an affordable price, instead of high prices and minimal value.