OpenSea data shows that just a few hours after its launch on January 23, the price of Porsche’s NFT collection dropped below its mint price of 0.911 Ethereum (ETH), or roughly $1,500, to $0.88 ETH ($1440).
The cryptocurrency industry was highly critical of the well-known automaker, calling its high mint price and sales strategy a “cash grab.”
Exactly what does Porsche’s NFT series consist of?
Over seven thousand tokenized versions of the legendary Porsche 911 sports car are available for personalization in the NFT collection from the German automaker. Collectors can tune and modify their NFTs to their specifications, but they are limited to producing no more than three unique examples.
At 9:00 AM (UTC-5), the company began minting for those on its “allowlist” in four waves of one hour each before opening to the public.
Critics slam Porsche
Only 1,345 NFTs (roughly 18% of the total collection) had been mined as of press time, drawing criticism from the cryptocurrency community who had previously supported Porsche.
From a high of 3 ETH, the collection only saw 270 sales on OpenSea, with the floor price dropping to 0.88 ETH.
As the NFT musician Pandaone said:
If web2 giants like Google and Facebook want to make it in WEB3, they need to put their egos aside and listen to the advice of those who have been working in the space for real, as demonstrated by Porsche’s demise. If not, then why bother with advisors at all?