BlocksInform
Rosie Perper
Rosie Perper is the Deputy Managing Editor for the Web3 news section, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. Prior to that, she worked in media, global finance, technology, culture and business. It holds a few btc and eth and several nfts.
German carmaker Porsche released its first non-fungible token collection on Monday, though the project isn’t racing towards high resale prices as fans may have speculated.
7,500-edition collection, which pays homage to the brand’s iconic 911 sports car, opened minting for allowlist holders at 9 a.m. The collection of 7,500 copies, which pays homage to the brand's iconic 911 sports car, opened at 9am. After the end of the initial allowlist mint, the mint was released to the public at large with unlimited downtime. Collectors have been authorized to hit up to three virtual 911 vehicles at 0.911 eth each, approximately $1,490.
The subsequent phases of the currency process allow holders to choose one of the three "paths" to follow and personalize the design and scarcity of their nfts.
In the hours following the opening of the Mint, sales of the collection seemed stagnant. At the time of writing on Monday evening, only 1198 NFTs – about 16% of the total collection – had sold through Porsche’s official website.
Secondary market sales have also remained dormant. At the time of writing, the collection’s floor price was 0.89 ETH, or about $1,450 – meaning, the collection was selling for $50 cheaper on secondary marketplaces like OpenSea while the mint was ongoing.
Porsche announced its buzzy NFT endeavor at Miami Art Week in December with much anticipation. The company has established a partnership with the German subsidiary road2dreams of the digital collection company fanzone for the distribution of the tokens.
Some twitter users opposed the collection, noting its price of currency and its sales strategy which seemed poorly aligned with the web3 ethos.
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
0://wilder.frankfrank (@realfrankwilder) 23 January 2023.
Is there any way I can get help?
I hope this can be fixed ASAP pic.twitter.com/FuqgsONI6D
— BC (@BcSmithHere) January 23, 2023
So, 1071 Items minted, FP under MP ... Hopefully this can be resolved as soon as possible pic.twitter.com/FuqgsONI6D— BC (@BcSmithHere) 23 January 2023So, 1071 Items minted, FP under MP ... Please @eth_porsche, you're an amazing brand, but when you come in web3, act as Web3, not web2.
— h3yd3n.eth (@h3yd3nNFT) January 23, 2023
When you go in web3, act as web3, not web2.—
Dave Krugman, artist and founder of NFT creative agency Allships, shared his thoughts about the collection’s mint price on Twitter, calling it out touch with its target Web3 community. Porsche and Road2Dreams did not answer CoinDesk for comments right away.
Dave Krugman, artist and founder of creation agency NFT Allships, shared his thoughts on the collection award on Twitter, calling him to contact his target Web3 community. Find your community and prove yourself to them before you ask for millions of dollars.
— My first tip for big brands that step into space is to make your first effort as free as possible. (@dave_krugman) January 23, 2023
(@dave_krugman) 23 Jan 2023"When you begin your journey in this space by extracting millions of dollars from the community, you are setting impossibly high expectations, cutting out 99% of market participants and overvaluing your assets before you have proven you can back up their valuation,” said Krugman.
“When you start your journey in this space with millions of dollars of community money, Your expectations are incredibly high, the 99% reduction in market participants and the overvaluation of your assets before you have demonstrated that you can support their valuation," said Mr. Krugman.
