German luxury car brand Porsche has only managed to sell around 25% of its first collection of 7,500 NFTs. In just over 24 hours, approximately 1,909 NFTs were sold at a price of 0.911 ETH per unit, or approximately $1,414 at the time of writing.
“Our NFT holders have spoken”, She said on Twitter the dedicated account of the Web3-oriented brand. “We will cut our production and stop the mint to move forward creating the best experience for an exclusive community. More info in the next few hours.
Porsche’s NFT mint was discontinued on January 25, 2023, at 6:00 UTC-5, according to the company.
The German automaker unveiled its NFT collection, which features images of its iconic Porsche 911 Carrera sports car, for the first time at the show. Art Basel last November, the American magazine Fortune reported. The brand then defined its NFTs as “rare, iconic and timeless like its sports cars.”
The company’s inability to garner genuine market interest is attributed by some commentators to the insufficient understanding of the rules governing the cryptocurrency market and their choice to step outside Porsche’s traditional sales channels.
other accuse Porsche of not collaborating enough with the leaders of the cryptosphere and expect the ad to generate high sales simply because it was launched by an internationally recognized brand.
“Brands are part of the Fortune 500, take note of Porsche’s Web3 launch today. It’s not enough to learn the lingo, show up at a single Art Basel and expect results. It’s imperative to work with cultural leaders in the cryptocurrency world who can hold your hand to help you be the first to CONTRIBUTE. The launch will be later,” said Kai Henry, CEO and founder of Fewture Studios, in a tweets.
Brandon Frankel, the commercial director of virtual concert production company NoCap Shows, agreed that Porsche’s approach to the NFT market was part of a bigger problem, as with many large global companies failing to adapt their marketing strategies to the reality of the cryptosphereand that they treat it like any other industry.
“It’s so typical of big brands – they want to “innovate” and push the envelope, but if they do they don’t listen or they hire the wrong agencies. It’s crazy” Frankel said in a tweets.
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