Porsche, the German sports car manufacturer, has announced the launch of their first non-fungible token (NFT) collection on Twitter. This decision comes after the company received negative feedback from its community regarding its initial plans.
NFTs are digital assets that are unique and cannot be replaced and have been gaining popularity in the art and collectible space. Porsche’s NFT collection will likely be a new way for the company to engage with its fans and collectors and offer a new form of ownership and collectibility for its brand. But on the other hand, the company is going through a downtime now as the feedback from the masses doesn’t seem encouraging.
The project’s official account twitted:
“Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community,”
They also stated that more information is coming later in the day.
On Monday morning, Porsche, a famous car manufacturer opened a mint to sell digital replicas of their iconic 911 model as non-fungible tokens (NFTs). Each NFT was priced at 0.911 ether (ETH), which is equivalent to around $1,490 at the time of release. However, the company faced criticism from creators and collectors on social media platforms such as Twitter. The critics argued that the company had rushed into a Web3 strategy without fully considering the current state of the NFT market.
The car manufacturer’s decision to sell NFTs of their 911 model drew mixed reactions from the NFT community. Some praised the company for being one of the first traditional brands to embrace the technology and offer a new way for fans to collect and own a piece of their brand. Others criticized the company for not understanding the intricacies of the NFT market and jumping in without fully considering the long-term implications of their actions.
One of the main concerns among critics was the pricing of the NFTs. At $1,490, they were considered to be overpriced and not reflective of the current value of NFTs in the market. Additionally, some argued that the company should have taken a more cautious approach and waited for the market to mature before launching its NFT collection.
Twitter’s focus is on crypto
On December 1, 2022, Porsche unveiled its NFT collection together at Art Basel International Art Fair. The NFT community reportedly looked forward to seeing what this untapped market for automobile NFTs would bring.
However, since the collection’s release, Crypto Twitter has gone into overdrive with commentary on it.
Four problems were listed by Twitter user BitSaga as obstacles to Porsche’s NFT collection launch’s success:
190.eth utilized Twitter to gauge community interest in their Porsche NFT project by conducting a poll. The results of the poll were decisive.
Despite the brand’s stated desire to interact with Web3, some users on the cryptocurrency Twitter network felt that the company’s attempts fell short. Many people complained that the NFTs were pricey given the paucity of benefits and functionalities connected with each collection and cited the fact that the company never advertised the mint on its official Twitter page.
The Porsche NFT offer has had trouble gaining traction, which is hardly surprising given the contentious response on Twitter. Only 24% of the Porsche 911 NFTs in the collection have been produced as of the time of writing, according to the official website, which lists 5300/7500 Porsche 911 NFTs.
The crash of the Porsche 911 NFT collection exemplifies the difficulties that well-known businesses may run into when converting to Web 3.0. When brands fail to focus on the community, subtleties, and components essential to Web 3.0 projects’ success, the change becomes noticeably more difficult.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.