Porsche’s NFT ambitions have stalled out of the gate.
The iconic German car brand has sold more than 25% of its first collection of 7,500 NFTs when it said it would close the project on Wednesday at 6 a.m. ET, according to the project’s Twitter account. Porsche originally envisioned a three-phase NFT printing process that limited buyers to just three NFTs over an indefinite period of time.
“Our owner has said,” @eth_porsche wrote on Tuesday afternoon. “We will reduce supply and stop mint to move forward by creating the best experience for an exclusive community.”
In just over 24 hours, 1,909 of the NFTs have been sold for 0.911 Ether each, or around $1400 on Tuesday. But on the secondary NFT market OpenSea, the cheapest Porsche digital collection is available for 0.905 Ether, much cheaper than on the official website of the project.
The company first unveiled the NFT collection, which featured an image of a white Porsche 911 Carrera, at Art Basel in November, calling it, “as rare, beautiful and timeless as a sports car.”
Judging by the poor sales, the crypto crowd, which is sometimes ironic with Lamborghini, tends to disagree.
Despite the brand’s intention to participate in Web3, some on crypto Twitter believe that the company’s efforts do not go far enough. Some pointed out that the brand never promoted the mint on its official Twitter account, and complained that the NFT was overpriced due to the lack of perks and features associated with each collection.
Other users lamented that Porsche is acting like a traditional, or web2, technology company when it comes to NFT projects, instead of fully embracing Web3 by involving people on board.
Porsche did not immediately respond fortunerequest for comments.
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