Will the German automaker forge ahead with more digital collectibles or decide to call it quits?
Porsche, a brand known for excelling at nearly every challenge it tackles, is staring down the barrel of failure as its latest NFT launch struggles to gain traction, reports Fortune Crypto (FC).
In December, the automaker announced it would mint 7,500 NFTs based on a white Porsche 911 Carrera. The launch kicked off just this month, and already, Porsche has decided to call it quits. "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. More info in the next hours," wrote @ eth_porsche on Twitter, an account dedicated to the project.
The automaker managed to shift just 1,909 NFTs, says FC, at 0.911 Ether (approx $1,410) over 24 hours or so. To make matters worse, the digital artwork was available for 0.905 Ether on an NFT marketplace - cheaper than the price listed on the official website.
Despite the German brand claiming the NFTs will be rare, iconic, and timeless, those in the digital artwork community were less convinced and expressed their opinions about the apparent flop. Twitter user Pas wrote that perhaps Porsche should have tried harder to distinguish its offering and set itself apart.
"I was hearing it did bad but I didn't know how bad. They could have collaborated with a game or added colors and variations occur per mint, with some extremely exclusive 1/1s," they added. Many also complained that the NFTs were overpriced given that they didn't come with particularly exciting perks or appealing features.
This could, however, point to a larger trend in the NFT sphere: automakers may soon move away from Web3 projects entirely. Myriad companies, from the likes of Aston Martin to Hyundai, have jumped on the bandwagon in the hopes of luring new customers.
However, a conflicting report from China suggests the Stuttgart-based automaker is ramping itself up for even more NFT-related activity. According toJing Daily, Porsche China is looking to make a big impact in the Web3 arena and has recently introduced a collection called the "911-Dreamer," limited to 996 pieces.
This new token will permit holders to customize their collectibles and receive a host of perks, including invitations to real events. NFTs - or digital collectibles, as they're known in China - enjoy great popularity despite the nation's disdain for cryptocurrency and related activities.
Jing Daily notes, however, that the Chinese NFT market is expected to grow rapidly in 2023, thanks to the launch of a state-backed NFT marketplace. While it's yet to be confirmed, there's a good chance that automakers may limit their NFT efforts to regions like China and reduce their efforts in other markets.
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