Porsche’s NFT ambitions have stalled right out of the gate.
The iconic German car brand had sold just over 25% of its first-ever 7,500-part NFT collection when it said it would shut down the project on Wednesday at 6 ET, according to the project Twitter account. Porsche had originally envisioned a three-phase NFT embossing process that limited buyers to only three NFTs over an unspecified period of time.
“Our proprietors have spoken,” wrote @eth_porsche Tuesday afternoon. “We will cut our supply and stop the mint to move forward in creating the best experience for an exclusive community.”
In just over 24 hours, 1,909 of the NFTs had sold for 0.911 Ether apiece, or about $1400 as of Tuesday. But on secondary NFT marketplace OpenSeathe cheapest Porsche digital collectible was available for 0.905 Ether, lower than on the project’s official website.
The company first unveiled the NFT collection, which features images of a white Porsche 911 Carrera, at Art Basel in November, touting it as “rare, iconic and timeless like its sports cars.”
Judging by the weak sales, the crypto audience, which sometimes is ironically associated with Lamborghini, tended to disagree.
Despite the brand’s intention to engage Web3, some on crypto-Twitter felt the company’s efforts did not go far enough. Several pointed out that the brand never promoted the coin on its official Twitter account, complaining that the NFTs were overpriced given the lack of perks and features associated with each collectible.
Other users lamented that Porsche acted like a traditional tech or web2 company by creating the NFT project instead of fully embracing Web3 by engaging with people in the space.
Porsche did not immediately respond Assets‘s request for comment.
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