Porsche NFT’s Fail to Deliver

F

ollowing its launch, Porsche's NFT collection floor price has drastically decreased; the crypto community is sternly reprimanding their exorbitant minting cost and 'cash-grab' sales strategy.

Shortly after its launch on January 23rd, Porsche's NFT collection plummeted below it original 0.911 Ethereum (ETH) - around $1,500 - to 0.88 ETH ($1440), as displayed by OpenSea data.

The renowned automaker faced significant backlash from the crypto community, who scolded them for their costly mint price and called out their sales strategy as a mere money-making ploy.

Porsche is introducing an exclusive NFT Collection that allows fans to bring their dream 911 sports car to life. With 7,500 customizable tokenized vehicles available, each collector has the option of tweaking the performance and appearance of up to three digital cars before minting them forever as non-fungible tokens. Porsche's limited edition offering offers a unique opportunity for enthusiasts everywhere!

The firm took four hourly intervals, beginning at 9am (UTC-5) to allocate tokens for 'allowlist' holders before opening up access to the public.

Porsche recently witnessed a wave of disapproval and abandonment from the crypto-community with respect to their NFTs, as only 1,345 out of 7,500 total NFTs (18%) had been minted at press time.

Mike

An editor at Coincrop

View articles

Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.