News JVTech Despite a “ridiculous” price, these Porsches didn’t all sell…
Split :
A few months earlier, the famous German automaker had announced brand new products for fans of the brand. The Porsche project that started on Monday, January 23, ultimately failed and the company had to adjust to an unexpected phenomenon.
$1300 for a Porsche, too high a price?
On December 8th we reported to you about a new special project by the well-known Porsche brand. The luxury car maker had officially announced that it would sell virtual Porsches certified by NFTs.
Porsche took this initiative with the aim of offering fans of the brand products of a new kind, which also made it possible to conquer the Web3 space already well invested by the competition. In fact, Lamborghini or Mclaren NFTs had already suggested establishing themselves as pioneers in the industry.
Specifically, Porsche had announced a collection of 7500 NFTs, representing a virtual representation of the mythical Porsche 911 in unique colors. These virtual collectibles were announced at the symbolic price of 0.911 ether (about 1300 dollars at current prices), not expensive for a Porsche one would say.
what is rare You control the journey of your very special 911. One of over 150,000 possible combinations – which one will be yours? pic.twitter.com/lJlFrOnrFs
— PORSCHΞ (@eth_porsche) January 21, 2023
However, this sale didn’t have the expected effect on fans…
The brand had to back down on this project
It turns out that the release of the collection didn’t come at the best time. Since May 2022, the trading volume of NFTs (i.e. the value passing through the secondary markets) has been in free fall.
However, Porsche was aware of the situation but decided to keep what some considered the high price of its NFTs. Whether the Porsche NFTs in the frenzy of 2022 would certainly have found buyers at this price is another matter.
NFTs were therefore marketed via a mint on January 23rd. This process, often used in this type of collection, consists of randomly generating the NFTs on the blockchain at a cost (0.911 Ether in this case) and thus receiving them on your wallet.
If Porsche had hoped for a shortage of inventory for its NFTs, the brand experienced a certain disappointment…
It turned out that only 25% (1909 nfts) of the collection sold out within 24 hours of launch.
I noticed something on the Porsche NFT Mint page that could change the entire game for everyone.
And nobody talks about it… 👇🧵 pic.twitter.com/Vd4Mzidvhk
—Paul | Top Dog Studios (@darkp0rt) January 25, 2023
At the foot of the wall, Porsche had to react and find a solution, which is why they decided to stop sales on January 25th and thus reduce the originally planned stock of 7500 NFT.
“We will reduce our inventory and stop the coin to create the best possible experience for an exclusive community,” explains Porsche on Twitter.
A total of 2,363 NFTs found buyers and still raised the manufacturer more than $3,000,000 versus the $9,750,000 expected.
Against all odds, despite the mint fiasco, Porsche NFTs eventually saw their price increase up to 3x in the secondary market. Currently, the minimum price to obtain is 2.22 Ether, almost triple the price of the original sale.
It is incomprehensible where this unexpected increase comes from, but the detailed list of advantages for the owners of the NFT that was later communicated by Porsche could have something to do with it. Among other things, holders can participate in track experiences, receive other NFTs or even visit Porsche plants.
