Porsche, a German car manufacturer, recently launched a collection of non-fungible tokens (NFTs) that pay tribute to their popular 911 sports car. The collection, which is limited to 7,500 editions, was made available to allowlist holders in four one-hour waves on Monday morning.
Afterwards, the minting was open to the general public without a specific end time. Individuals were able to purchase up to three virtual 911 Porsches for the price of 0.911 ETH each, which equates to approximately $1,490. However, the collection may not see high resale prices as some may have expected.
How to mint your Porsche 911?
⚠️ Mint starts soon. First things first, make sure you are registered on our official website https://t.co/gDi9408OjH. Once the time for your Mintwave has come, you have 1 hour. If you miss it, you will have to wait until the mint goes public. pic.twitter.com/oJ5dbz4jwH
— PORSCHΞ (@eth_porsche) January 23, 2023
Possibilities why Porsche struggled to get traction
One possible reason for the lack of interest is that Porsche is a relatively new player in the NFT space, and may not have the same level of brand recognition as established NFT platforms and marketplaces. Additionally, the digital cars offered in the collection are not unique or one-of-a-kind, which is a selling point for many NFT buyers.
Another factor that may have contributed to the collection’s poor performance is the timing of its launch. The NFT market has seen a significant downturn in recent months, with prices and sales declining across the board. This may have made it more difficult for Porsche to attract buyers at a time when the overall market conditions were not favorable.
In contrast, other companies like Mint, have been successful in the NFT market. Mint, a leading provider of NFTs for collectibles and digital art, has seen a surge in sales and activity on its platform. This is likely due to their established reputation and wide range of offerings, including one-of-a-kind digital items that are highly sought after by collectors.
However, Porsche has announced plans to continue developing and expanding its offerings in the space, while established companies like Mint continue to see success.
The Porsche mint is a perfect example of why even the most established brands need to partner with Web3 natives to enter the space in a real way.
— 0://wilder.frank (@realfrankwilder) January 23, 2023