- Porsche’s entry into the Web3 domain is reason for joy among NFT collectors.
- Porsche revealed that the NFTs will cost $1,475 each.
- Approximately 1,500 NFTs have been issued as of this morning.
Porsche, a significant business joining the Web3 arena, is usually the reason for jubilation among NFT enthusiasts. Pre-launch anxiety swiftly turned into a 1,800-NFT pileup this week as Porsche’s costly NFT drop came far short of selling out, prompting the company to alter gears and cut supplies.
Porsche’s project centers on the German company’s classic 911 sports automobile, with a scheduled drop of 7,500 Ethereum NFTs commemorating the automobile and providing owners with access to events and special items. It would also allow crypto-savvy vehicle enthusiasts to help create Porsche’s digital future.
Porsche said that the NFTs will be sold for 0.911 ETH, or about $1,475. That’s a high list price in an NFT marketplace that has slowed significantly since its peak early last year, especially for a mission with large numbers of such NFTs on sale.
As of this writing, approximately 1,850 NFTs had been issued, with the sale due to finish at 6 a.m. ET on Wednesday. The minimum price on the major marketplace OpenSea has fluctuated, briefly exceeding 0.911 ETH before falling below it. It is now worth 0.905 ETH.
Porsche is the newest example of an unsuccessful brand venture in the Web3 market. While some conventional firms have been commended for collaborating with existing NFT ventures, such as Budweiser and Adidas, or for employing the technology in ways that aren’t money generators, others have been heavily chastised.
Many analysts see Porsche’s dip as just another instance of the latter—and the company may have learned from its hard first experience in Web3 as it contemplates a different way ahead.