Major Brand with a Diehard Following's NFTs Fall Flat

By Cje95 | Chronic Illness and Crypto | 25 Jan 2023


This is really something that I think people should have been more aware of but it never really did seem to play out how I thought. During the height of the NFT season as soon as a major brand released an NFT it drove people wild and more often than not those NFTs skyrocketed in price and demand. As the crypto and NFT winter set in though major brands dialed back releases and exposure to the industry so in my opinion we never really saw a major brand with a dedicated fanbase fall flat on its face.

 

Till now.

 

Porsche the German automotive company released a 7,500-edition collection, their first NFT collection actually, and once the minting dust settled the collection's floor was 0.89 ETH down from the 0.911 ETH that the NFTs cost. Making matters worse for Porsche only 1198 NFTs or 16% of the total collection had even sold through Porsche's NFT website meaning that there are a lot of NFTs unsold and while the mint is open-ended it sure is not a good sign. 

 

Compared to other projects though it is not for lack of trying as when you mint a Porsche NFT you do have to choose one of three "paths" to follow and get to customize the design and rarity of your NFT accordingly. When they were first announced at Miami Art Week in December there was a pretty solid buzz around the project one that arguably should have led to much higher demand. Months later though it is evident that that failed to transpire and the result is a mess of a project. 

 

It is interesting to read/hear the comment about what people have to say about the flop. Many in the NFT space are looking to blame what they are calling a "web2" company being out of touch with "web3" however Porshe has been around for WAYYYYYYY longer than the internet so that seems to me to be the worst explanation. To Porshes credit they did even give the NFTs some sort of function with this path process that individuals can take with their NFT how many times do we see just a picture with nothing else offered. THis was different there was something that you could do with it.

 

I see this project getting hit by two different things that are really impacting it. One is the price which if you are going to have it this high in today's economic situation needs to provide quite a bit more than what is currently being offered. The other is the sheer number of them. In the NFT space while 7,500 is not the biggest number again when you take into account everything going on with economic data, crypto prices, and socialtal issues it becomes an even steeper price for the number available. 

 

While I have no idea what Porshe will end up doing with their NFTs or if they will just go ahead and keep on letting it all play out as it does it serves as a reminder to all brands that the market now is different than it was 18 months ago. Demand is down, prices are depressed, and people are uncertain about their finances so extra spending on NFTs is naturally going to fall by the wayside. Eventually the market will correct itself but who knows how long it will take and what it will look like at that point. 

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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