1: porsche’s foray into the world of nfts was met with widespread skepticism, and only 1,800 of the 3,750 nfts were sold. porsche responded to the slow sales by cutting the supply of nfts in half and launching a free experience tier. suggestions were made prior to the launch that the price should have been set lower, but porsche did not publicly address the backlash.
2: the nfts were then quickly resold below the mint price on secondary marketplaces as owners fled the scene. porsche responded to this by tweeting that “our holders have spoken” and they are now cutting the supply and stopping the mint. the sale will end at 6 a.m. et on wednesday and the floor price of the cheapest-listed nft on a marketplace currently sits at 0.905 eth (about $1,465).
3: porsche is the latest example of a traditional brand attempting to venture into the web3 world, with mixed results. web3 advocates have shown a preference for brands giving away nfts or making them affordable and accessible, as opposed to attempting to extract value from them. donald trump’s nft collection was met with mockery, but it ultimately sold out and rose in value. michael jordan’s solana project, on the other hand, had to cut its own supply after a slower-than-expected mint. it appears that porsche’s decision to launch an nft mint was an attempt to capitalize on the growing trend of nfts, but the project has not been successful.
