Porsche’s NFT collection fell below its 0.911 Ethereum (ETH) — roughly $1,500 — mint price to 0.88 ETH ($1440) a few hours after its launch on Jan. 23, according to OpenSea data.
The iconic carmaker drew the ire of the crypto community, who severely criticized its high mint price and described its sales strategy as a “cashgrab.”
What is Porsche’s NFT collection?
The German carmaker NFT collection features 7,500 customizable tokenized vehicles of its famed 911 sports car. Collectors can customize the desired performance and appearance of their NFTs — however, they can only mint a maximum of three.
The firm opened minting in four waves of one hour each for ‘allowlist’ holders at 09:00 AM (UTC-5) before it allowed access to the general public.
Porsche draws criticism
Porsche faced backlash from the crypto community, who appeared to have deserted the minting — only 1,345 NFTs (18% of the total collection) had been minted as of press time.
On OpenSea, the collection was involved in only 270 sales — with floor price declining to 0.88 ETH from a high of 3 ETH.
NFT artist Pandaone said:
“[Porsche’s] failure is a good reminder that if web2 giants want to succeed in web3, they must put their egos aside and heed the advice of those who have been working in the space for real. If not, what’s the purpose of getting advisors?”