Porsche NFT collection struggles to gain traction after underwhelming launch

Porsche’s non-fungible token (NFT) collection has had an underwhelming launch. The NFTs were launched earlier this month, but the automaker is already announcing plans to quit the venture. Porsche announced that it would be halting the mint and concentrating on better experiences for the community.

Porsche’s NFT collection is off to an underwhelming start

Porsche revealed plans to mint 7,500 NFTs in December last year. The NFTs were inspired by the white Porsche 911 Carrera. However, the NFT collection has not seen much demand despite the high popularity of the automaker. The digital artwork is currently valued at 0.905ETH, which is lower than the price at which the NFTs were listed.

The German automaker had promoted these NFTs before their release to assure users of getting maximum value. The German automaker said the collection would be rare, timeless, and iconic. However, these features failed to convince the community.

Some users opined that Porsche had failed to differentiate its NFT offering and set it apart from the others. The community noted that Porsche could have put more effort into the launch by collaborating with a game or having variations in every mint, making some of the collections exclusive.

Other users complained that the NFTs were overpriced because they did not offer additional benefits and features. Porsche seems to have given up on the NFT launch. A Twitter account linked to the project said, “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.”

However, Porsche is still interested in new offerings in the Web3 sector. Porsche China is looking to impact the Web3 sector significantly, and it has released a collection known as the “911-Dreamer” that will only comprise 996 artworks.

This token will allow the holders to customize their digital collectibles and get major benefits. A local publication noted that the Chinese NFT market would witness significant growth in 2023 following plans to release an NFT marketplace supported by the government. Therefore, automakers, including Porsche, could focus their NFT efforts in China and abandon other markers.

Automakers focus on NFTs

Porsche is not the only automaker interested in joining the NFT sector. Some of the largest automakers, such as Hyundai and Aston Martin, have already released their NFT collections to attract new customers.

However, Porsche’s NFT collection is not the first automaker digital artwork release that has flopped. Last year, Chevrolet released the Corvette Z06 NFT collection, whose auction ended without any bids. At the time, Chevrolet said its foray into the Web3 sector was educational.