We can call this a fail mode in Web3 for Porsche. Of the 7,500 NFTs of the sports car brand offered for sale at 0.911 ETH per unit (ie 1,350 dollars), only 25% have found their audience. As a result, Porsche suspended the mint and reduced total supply.

Porsche misses its entry on the track at Web3

A brand’s reputation does not necessarily indicate success in everything it does, and this is even more true when we talk about Web3. Automotive giant Porsche experienced this this weekWith the unsuccessful launch of its collection of non-fungible tokens (NFTs).

made 7500 NFTsPorsche’s collection was put up for sale this Monday, January 23, and was inaugurated by whitelisted investors, before opening to the public. The price was set at 0.911 ETH (about 1350 dollars at the time of writing these lines) regarding the brand’s legendary 911 model.

However, the craze doesn’t seem to have reached fans of the sports car brand. After just two days, only 25% of the final target has been sold at 1863 NFT. A launch that can undoubtedly be considered a failure for such a renowned institution.

Furthermore, the floor price (i.e. floor price) is about 0.9 ETHWhich is less than the mint price. A sign that investors tend to abandon the project, but above that The speed of the mint should be still slower Because interested buyers have more incentive to buy in the secondary market.

As a result, and in the face of community discontent, Porsche announced the suspension of the mint process. Hence the amount of NFTs will be reduced Number in circulation on January 25.

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How to explain the failure of Porsche?

Although our ecosystem has already seen countless failed NFT collection launches, it is legitimate to wonder why – and especially how. A feature of Porsche fameWith millions of fans around the world, Miss your turn on Web3 so much?

first material, A simple mind-boggling mint value Compared to supply. It is true that the cryptocurrency market is picking up in 2023, but the bullrun craze has not yet touched investors. About $1500 is too much for an NFT.

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The second component, poor communication. The roadmap is not clear Potential investors did not know why they should buy this NFT And what will be the corresponding concrete use cases.

final material, The community was not at the center of the project. The Discord server, usually used for discussions between investors, was for announcements only. Furthermore, The team was repeatedly warned A mismatch between price, supply and current market conditions without taking these considerations into account.

That should be remembered Starting a project on Web3 is not as easy as it seems. In a depressed market context, Porsche needs to surround itself with competent and expert people in the field in order not to miss out on what it clearly does.

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Sources: OpenC, Site Internet Porsche

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