Porsche, a world-renowned car manufacturer founded in Germany almost a century ago, had high hopes for its digital transition to Web3 with the release of the NFT collection. The collection's allowlist mint session began at 3 pm (UTC+1) with an optimistic minting price of 0.911 ETH, which equated to nearly $1,500. During this phase, Porsche allowed collectors to mint up to three Porsche 911 NFTs each.
“Owning one of 7,500 Porsche 911 NFTs gives you access to a new world of Porsche where the rewards are real and special to you,” Porsche promised on the project’s webpage. It is also known that the further phases were supposed to gradually turn NFTs into “a truly iconic piece of art” with over 150,000 artistic variations.
However, despite being linked to the legendary 911 car series, the price of the NFTs was not seen as appealing enough to attract the Web3 community. On January, 24 at 10:00 am (UTC+1), only 1371 NFTs of the collection comprising 7500 pieces were minted. The price briefly reached 3 ETH on OpenSea, but quickly dropped to 0.88 ETH, which was below its floor price.
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While the company aimed to attract true fans of the brand, the community of NFT creators and collectors responded to the campaign with skepticism. According to them, Porsche has chosen an unsuccessful strategy from the very beginning.
Many believe the unjustifiably high price was the main reason for the 911 NFTs' failure, while others argue that having a recognizable brand does not necessarily mean a successful Web3 entry, and brands should collaborate with Web3 natives to find the best strategy for their foray into NFTs.
Some Internet users even suggested that “Porsche really needs to call 911”.
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Indeed, minting a successful collection can be quite a challenge, even for the most recognized players. Neither a big brand nor a renowned NFT artist are primed for immediate success. An example is the Material girl collection created by Madonna and Beeple, which had total sales of $627,000. While this amount is still staggering, it is nowhere near the previous success of the famous digital artist who sold his first NFT, Everydays — The First 5,000 Days, for $69.3 million in 2021.
