© Reuters. Porsche NFT Collection Crashes as Crypto Twitter Revs up Backlash
- Porsche launched its first NFT collection as a tribute to the 911 model, with 7,500 NFTs at a set mint price of 0.911 ETH.
- The collection faced a slow start and saw a decrease in value on the secondary market, as the floor price crashed to 0.89 ETH, down from the initial 0.911 ETH minting price.
- The NFT community has criticized Porsche’s lack of consideration for Web 3.0 principles and is raising questions about the efficacy of the company’s attempt to transition into the space.
German car giant Porsche debuted its first non-fungible token (NFT) collection on Monday, January 23rd, 2023, in homage to the iconic 911 model. The NFT collection comprised 7,500 NFTs with a set mint price of 0.911 ETH, worth approximately $1479.54 USD per NFT at the time of writing.
Within the first hours of the sale, only 16% of the collection was minted on Porsche’s official website. Secondary market sales appeared relatively idle, as the floor price dropped to 0.89 ETH, worth approximately $1446.61 at press time. NFTs were sold on secondary marketplaces for less than the initial price of 0.911 while the mint was still ongoing.
The goal of the NFT collection was to create a virtual community of 911 owners to “co-create the future of Porsche” in Web 3.0.
Despite the considerable foundation Porsche established in the Web 2.0 era, Crypto Twitter opines that the car brand’s attempt at transitioning into Web 3.0 has contradicted the inherent principles of the space.
Crypto Twitter Gears up with Reactions
Porsche presented the NFT collection at the Art Basel International Art Fair on December 1st, 2022, and the unexplored niche of car NFTs was supposedly highly anticipated by the NFT community.
However, since the launch, Crypto Twitter has shifted into hyperdrive with reactions to the NFT collection.
Twitter user BitSaga set out four issues that they believe impeded the success of Porsche’s NFT…
