Porsche’s first foray into Web3 didn’t go as planned, as the NFT collection severely struggled to sell out during launch day. The collection only sold 16% of its supply yesterday and the mint price is partially the issue. Let’s dive into the recent NFT collection flop.
The Unsuccessful Launch of Porsche NFT
On January 24, the Porsche collection of 7500 NFTs priced at 0.911 ETH each ($1412.24 USD) completely failed to mint out. Due to the costly mint price and lack of communication from the team, the NFTs had no appeal. This drove allowlist recipients and public sale competitors to run as far away from the project as they could. Not to mention, at the time of writing this, the collection is sitting at 0.9 ETH, which is below mint price.
The Community’s Reaction
As expected, the Porsche team’s poor approach resulted in waves of NFT community members voicing their opinions via Twitter. Calling the collection a cash grab wasn’t the only thing members were tweeting about. In sum, they did not hold back.
for the price of a porsche nft i could buy a '96 civic which has way more utility pic.twitter.com/N8pDVfdkSn
— camol (@camolNFT) January 24, 2023
Perhaps we can look at the collection’s outcome as a positive for the space.
The Web 3 space is getting smarter.
Months ago, @eth_porsche would have minted out in under 10 mins.
But look where we are now. Their NFT hovering at mint price with only ~17% minted (1263/7500).
Congrats, yall are growing up 👏
— maverick ⛩️🦖 (@maverick23NFT) January 24, 2023
Today, the Porsche Twitter account posted two tweets in response to the heavy vilification on Twitter. To specify, one of the tweets stated that the supply will be cut and the mint will be stopped. One hour later, another tweet was posted stating that the mint is still open and will close tomorrow (January 25 at 6 a.m. UTC). Finally, they ended the tweet by saying the following: “For our holders, we can’t wait to define the future with you.”