Home » Latest News » Crypto » Many in The Cryptocurrency Community Are Outraged by Porsche’s ‘Cash-Grab’ Pricing And Marketing Tactics

Many in The Cryptocurrency Community Are Outraged by Porsche’s ‘Cash-Grab’ Pricing And Marketing Tactics

Many in the cryptocurrency community are outraged by Porsche's 'cash-grab' pricing and marketing tactics.

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.”

Battle Approved Motors. Invest Today!!
Get a $250 Amazon Gift Card. Apply Today!

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?

About Antonia Read

Antonia Read is a seasoned author specializing in the world of startups. With a keen interest in entrepreneurship and innovation, she has become a prominent voice in the field. Antonia's insightful writings offer valuable insights into the challenges and successes of startup ventures. Her expertise and dedication to the subject have earned her a reputation as a go-to resource for aspiring entrepreneurs and business enthusiasts alike.