Porsche’s NFT collection fell below 0.911 Ethereum (ETH) (around $1,500) to 0.88 ETH ($1,440) just hours after its launch on January 23, according to OpenSea data.
The iconic automaker has criticized its high mint price and explained Sales strategy as “cash grab”.
What is Porsche’s NFT collection?
German car manufacturer NFT collection includes 7,500 customizable tokenized vehicles of the famous 911 sports car. Collectors can customize the NFT’s desired performance and appearance, but can only mint up to three.
The company began minting at 9:00 am (UTC-5) in four waves of one hour each for “allowed list” owners before granting access to the general public.
Porsche draws criticism
Porsche faced backlash from the crypto community, which appeared to have abandoned issuance — only 1,345 NFTs (18% of the total collection) had been issued at press time.
In OpenSea, collections are involvement Only 270 sold — at the lowest price decline 3 ETH high to 0.88 ETH.
NFT Artist Panda One Said:
“[Porsche’s] Failure is a reminder that if the web2 giant wants to succeed in web3, it needs to put its ego aside and listen to the advice of people who have actually worked in the field. If not, what is the purpose of getting an advisor?”
