By Murtuza Merchant
Porsche’s entry into the world of Web3 through the launch of an NFT collection on January 24th was met with less than favorable results.
The collection, which consisted of 7500 NFTs priced at 0.911 ETH each ($1412.24 USD), struggled to sell out during launch day, with only 16% of the supply being sold.
The high mint price and lack of communication from the Porsche team were cited as reasons for the failure.
The Unsuccessful Launch of Porsche NFT
The launch of the Porsche NFT collection was met with a lack of enthusiasm from the community, with many citing the high mint price as a major deterrent. Additionally, the lack of communication from the Porsche team regarding the collection and its purpose left many confused and uninterested.
This ultimately led to a situation where allow list recipients and public sale competitors were not inclined to purchase the NFTs. Furthermore, at the time of writing this, the collection is sitting at 0.9 ETH, which is below the mint price. This highlights that the Porsche team’s poor approach resulted in a complete failure to mint out.
The Community’s Reaction
As expected, the Porsche team’s poor approach resulted in waves of NFT community members voicing their opinions via Twitter.
Many called the collection a “cash grab” and criticized Porsche for not understanding the NFT space.
The lack of transparency and communication from the team was also a major point of contention for many.
Overall, the community’s reaction was overwhelmingly negative, with many calling for Porsche to re-evaluate their approach to NFTs.
In response to the heavy vilification on social media, the Porsche Twitter account posted two tweets. The first tweet stated that the supply would be cut and the mint would be stopped. However, one hour later, another tweet was posted stating that the mint would remain open for another day, and would close on January 25 at 6 a.m. UTC.
Porsche ended the tweet by saying “For our holders, we can’t wait to define the future with you.”
This response from Porsche was met with mixed reactions, with some praising Porsche for listening to the community’s feedback and making adjustments, while others criticized the company for the confusion and lack of transparency.
Despite the initial struggles, Porsche seems to be optimistic about the future of their NFT collection.
The company’s willingness to listen to the community’s feedback and make changes is commendable, and it will be interesting to see how Porsche continues to evolve and adapt in the NFT space.
However, it’s crucial that Porsche learn from this experience and take a more thoughtful and transparent approach in the future if they want to be successful in the NFT market.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies