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.”
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