Why Haven’t Porsche NFTs Taken Off?

Subh Rath

January 25, 2023

Porsche recently made its Web3 debut with the release of its first Non-Fungible Token [NFT] collection. The collection included 7500 NFTs depicting the popular Porsche 911 sports car, each with a mint price of 0.911 Ether [ETH] or $1490.

However, the minting did not cause Porsche to rise in value. Instead, the floor price of the NFTs fell shortly after the mint. Let’s dig deeper into the decline in Porsche NFT value.

Porsche Mint Price Falling Below Floor Price: 

These non-fungible tokens (NFTs) were distributed by the allow list mint in four separate waves. Following that, there was a public mint where purchasers could mint a maximum of three 911 NFTs for themselves. The rollout will occur throughout three stages, with the first stage currently in progress.

It appeared that Phase 3 would be based on rarity, but Porsche has not disclosed much information regarding the upcoming Phase 2. The 911 NFT reportedly has over 150,000 configurations that can be customized, as stated on the official website. Because brand devotees had such high hopes for the collection, there was a lot of speculation and excitement surrounding it.

Despite this, it seemed that sales of NFT coins stabilized within a few hours of the mint opening. Until recently, only 1371 of the 7500 NFTs had been purchased, which means that more than 82% were still available. The collection fared poorly when evaluated using the metrics of the secondary market.

According to data from the OpenSea NFT marketplace, the price at which 911 NFTs could be purchased had fallen to a level lower than their original mint price of 0.911 ETH. On January 23, the floor price reached a high of three ETH at one point, but it has since returned to its initial mint level. The price of the floor has since returned to its original level. The best price for NFT found recently was 0.86 wrapped Ether (wETH), equivalent to $1410.

What are your views on this?