In the hours following the collection’s public sale, the secondary market floor price went below its minting price of 0.911 ETH.
Porsche published its first non-fungible token (NFT) collection on Monday, but the project isn’t aiming for high resale prices, as some enthusiasts had predicted.
The 7,500-edition collection, which pays homage to the brand’s classic 911 sports vehicle, began minting for allowlist holders on Monday at 9 a.m. EST in four one-hour waves. After the first allowlist mint expired, the mint was made available to the general public with an indefinite stop time. Collectors could purchase up to three virtual 911 Porsches for 0.911 ETH (about $1,490).
The following stages of the minting process allow holders to select one of three “paths” to take in order to customise the design and rarity of their NFTs.
Sales of the series appeared to lag in the hours following the mint’s initial opening. Only 1198 NFTs have sold on Porsche’s official website as of Monday evening, accounting for roughly 16% of the total collection.
Secondary market sales appeared to be inactive as well. At the time of writing, the collection’s floor price was 0.89 ETH, or around $1,450 – this meant that the collection was selling for $50 less on secondary marketplaces like as OpenSea while the mint was still in operation.
Porsche’s buzzy NFT venture was introduced with great fanfare during Miami Art Week in December. To distribute the tokens, the firm collaborated with German digital collectable company Fanzone’s subsidiary Road2Dreams.
Some Twitter users criticised the collection, citing its high mint price and a sales technique that looked to be at odds with the Web3 ethos.
Porsche and Road2Dreams did not react to CoinDesk’s request for comment right away.
Krugman, an artist and the creator of NFT creative agency Allships, commented on the collection’s mint price on Twitter, saying it was out of touch with its target Web3 community. He told CoinDesk that when issuing NFTs, larger Web2 brands entering the Web3 arena must look long term.
“When you start your adventure in this sector by extracting millions of dollars from the community, you set impossible expectations, exclude 99% of market players, and overvalue your assets before you have demonstrated you can back up their valuation,” Krugman added.
“You can establish an organic network of committed advocates with aligned incentives if you start from the bottom up.”
