Porsche, the popular German car maker, released the first NFT (Non-fungible token) collection this week, but the project did not raise toward a high resale price as speculated. The 7,500 edition NFT collection paid homage to Porsche’s iconic sports car 911 and opened its minting in four waves at 9 AM on Monday. The waves were one hour apart, and once the initial allowlist mint was completed, it was released with the open-ended stop time to the Public. The NFT collectors could mint a maximum of 3 digital 911 Porsches at about 0.911 ETH per item, roughly $1490.
The subsequent minting process allowed NFT holders to select any one of the 3 “paths” to customize and follow the rarity and design of the tokens. Hours after the Porsche 911 NFT mint opened, the collection sales started to stall.
By Monday evening, around 16% of the entire collection – amounting to 1198 NFTs only – was sold through the official website of the company. Secondary market sales also appeared to be idle. The floor price of the collection was about 0.89 ETH, or $1450. This implies that the NFT collection was being sold at a cheaper rate on the secondary marketplaces, including OpenSea, as the minting process continued.
The German car maker announced this buzzy NFT collection endeavor in December at the Miami Art Week with great anticipation. It partnered with the German virtual collectible company, called Fanzone’s subsidiary company, Road2Dreams, with the aim to distribute digital tokens.
Several Twitter users went against the minting due to its sales strategy and expensive mint prices that proved to be a misalignment with the Web3 ethos.