Porsche 🏎️ F'ed up 😢

GM Guys and Gals,

We're witnessing that big brands are frequently trying to get their hands dirty in the web3 space by launching their official NFT collection and tokens. Porsche 🏎️ recently entered the space by launching their NFT collection but it failed badly [Here's everything you need to know about it 👇🏻]

The Car Fell Into the Clif 🪨

German carmaker Porsche released its first non-fungible token (NFT) collection on Monday, though the project isn’t racing towards high resale prices as fans may have speculated.

The 7,500-edition collection, which pays homage to the brand’s iconic 911 sports car, opened minting for allowlist holders at 9 a.m. ET on Monday in four waves of one hour each. After the initial allowlist mint ended, the mint was released to the general public with an open-ended stop time. Collectors were allowed to mint up to three virtual 911 Porsches at 0.911 ETH each, roughly $1,490.

The next phases of the mint process allow holders to choose one of three “paths” to follow and customize the design and rarity of their NFTs.

In the hours after the mint initially opened, sales of the collection appeared to stall. At the time of writing on Monday evening, only 1,198 NFTs – about 16% of the total collection – had been sold through Porsche’s official website.

At the time of writing, the collection’s floor price was 0.89 ETH, or about $1,450 – meaning, the collection was selling for $50 cheaper on secondary marketplaces such as OpenSea while the mint was ongoing.

The Game Changes 🛞

Some Twitter users pushed back against the collection, noting its expensive mint price and sales strategy that appeared misaligned with the ethos of Web3.

The Lesson Brands Should Learn 💡

It's hard to time brands to learn this essential lesson before entering the web3 space :- The Web3 Community is smart af, you can't just really crack the code by being just another NFT collection (without any special utility).

That's it for the day, Web3Shala 👋

To the Moon 🪐LFG 🚀