After an outpouring criticism of the German autmobile maker’s Web3 strategy, Porsche’s non-fungible token (NFT) collection’s floor price is racing ahead on the secondary market.
The collection’s floor price has more than doubled from its mint price – shifting gears from the initial launch on Monday, when the secondary market price struggled to meet the mint price, with most of the NFTs trading at a discount shortly after the project crossed the starting line.
Porsche’s initial plan was to sell 7,500 tokens at a floor price of 0.911 ether (ETH), or roughly $1,420. However, NFT Twitter quickly excoriated the collection’s launch, noting large supply and high price as factors in the flop as well as the brand’s lack of understanding of Web3 strategy.
See Also: Porsche's NFT Debut Is a Reminder to Let Web3 Natives Take the Wheel
But Tuesday, Porsche said it would halt its mint, ending with 2,363 tokens created, creating a supply shock and sending the price soaring.
According to data from OpenSea, the tokens, modeled after the famed 911 sports car, are currently trading for floor price of 3.3 ETH, or roughly $5,200. The collection’s total trading volume is 1,344 ETH, or about $2,120,800.
You’ve heard us speak a lot about the exciting journey ahead of us. Let’s make it more concrete and shed some light on what we have planned for you over the next couple of months.
A utility thread 🧵
— PORSCHΞ (@eth_porsche) January 25, 2023
Porsche clarified its Web3 strategy on Twitter Wednesday to further explain its goals in regards to the mint. The tokens will evolve with rarity and allow collectors access to events and experiences in the coming months.
In response to the controversy surrounding its mint, a spokesperson for Porsche told CoinDesk that its NFTs are "meant to be a long-term investment."
"We see a lot of interest in the mint from art lovers and Porsche enthusiasts. Many customers from the Web3 community have obviously held back because direct resale seemed unprofitable due to the customization of the NFT."
"The size of the community is not decisive for us," it added. "What is crucial, is that we can offer the community the most exclusive and individual events and utilities possible.”
Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust. If you need help interpreting the IRS rule change or setting […] The post Want to Leave Assets to Heirs? IRS Rule Change Should Have You Rethinking Your Irrevocable Trust appeared first on SmartReads CMS – SmartAsset.
Wall Street legend Warren Buffett has always been a proponent of value investing. The Oracle of Omaha’s decades of almost unparalleled success have been built on recognizing when a stock is priced significantly below its inherent worth and then betting big on it. Touting the merits of patience and the long-term effect of compounding returns, Buffett is a master of his profession. However, even the most successful investors’ portfolios include stocks that go through down periods. It’s probably sa
"I'm not saying get out. I'm just saying that assets have to go up or else the economy will not do well," Bill Gross said.
How Social Security income is taxed depends on how much income you have from other sources. Here are the 2022 IRS limits for individual and joint filers.
More than a day into the United Auto Workers strike against the Detroit automakers and one thing is clear: Elon Musk has already won. The United Auto Workers directed members at three large assembly plants to walk off the job.
For a married couple approaching retirement, few things carry more significance than knowing how much income they’ll need to maintain financial stability and live comfortably after they stop working. Budgeting for retirement involves estimating your post-retirement income and calculating your essential and discretionary expenses. This approach helps you to avoid financial pitfalls and increases the […] The post What Is a Good Monthly Retirement Income for a Couple? appeared first on SmartReads b
Openly discussing the topic can be uncomfortable. But you've probably wondered who can be considered truly rich and whether you fit that definition (or ever will). According to Schwab's 2022 Modern Wealth Survey, the average American thinks being rich means … Continue reading → The post How Do You Know If You Are Rich? appeared first on SmartAsset Blog.
When you first go on Medicare, insurance companies must sell you supplemental coverage no matter how poor your health. The window closes.
Dividends are the bread and butter of income investors. You don't need to sell your assets or spend hours every day managing your accounts. Instead, dividend stocks simply generate income on their own. Putting together a portfolio that generates at least … Continue reading → The post How to Make $1,000 a Month in Dividends appeared first on SmartAsset Blog.
The company reveals deliveries of its hydrogen-fuel-cell electric truck should begin in late September and early October.
It doesn’t take much for sentiment to shift abruptly on Wall Street. Markets could be up one moment, then all of a sudden crash on account of a negative development. And looking at its current state, it won’t take much for it to come tumbling down, says Morgan Stanley’s chief investment officer and chief US equity strategist, Mike Wilson. “The S&P 500 risk/reward today is one of the worst I’ve ever seen, given the earnings setup that we see in front of us combined with the valuation that we have
My wife and I are 70 years old. We've paid off everything, including the house. Between my pension of $29,000 and Social Security, we're getting a gross of $99,000 a year in income, which is more than enough. Our current … Continue reading → The post Ask an Advisor: We Are 70 Years Old, Have $99K in Retirement Income, a $1.4M IRA and Other Investments. Is It Too Late to Convert to a Roth? appeared first on SmartAsset Blog.
Unless you're extremely rich or poor, you probably think of yourself as being part of the "middle class." As you're probably aware, "middle class" is an income level that describes people whose annual income is directly in the middle 50% … Continue reading → The post What Is Middle Class Income in the U.S.? appeared first on SmartAsset Blog.
Most Americans have less in their retirement accounts than they'd like, and much less than the rules say they should have. So, obviously, if that describes you then you're not alone. Now, most financial advisors recommend that you have between five … Continue reading → The post How Much Should I Have in My 401(k) at 50? appeared first on SmartAsset Blog.
Once you have $1 million in assets, you can look seriously at living entirely off the returns of a portfolio. After all, the S&P 500 alone averages 10% returns per year. Setting aside taxes and down-year investment portfolio management, a … Continue reading → The post How Much Interest Can You Earn on $1 million? appeared first on SmartAsset Blog.
The Mega Million jackpot is heating up after no winner Tuesday. The drawing for Sept. 15 is in. See Friday's winning numbers.
The "Magnificent Seven" stocks in the S&P 500 are about to get a run for their money, analysts say.
Consumers took two hits in the pocketbook this past week. First came the August inflation numbers, with the headline annualized rate rising from 3.2% to 3.7%. And on the heels of that came news that US crude oil, the WTI benchmark price, jumped above $90 per barrel for the first time since last November and is currently trading at $91.05. That increase marks the latest in a series of oil price increases this year. WTI is up 40% from the low point it hit in March of this year and shows a total ye
Famed short-seller Jim Chanos called Tesla a "hopes and dreams" stock, while hailing Nvidia as the "It girl" of an AI revolution currently underway.
The ailing market rally showed bearish action to the end the week, though Tesla held strong. The Fed meeting this coming week looms large.