On Tuesday, Porsche announced it was halting its troubled NFT mint early with less than half of the total NFTs minted.
The reaction from the NFT space?
The floor price of the Porsche’s NFTs soared on secondary marketplaces like OpenSea. In fact, the floor price — the lowest price you can purchase an NFT— more than tripled from its original mint price on Monday.
The initial plan behind Porsche’s exclusive Porsche 911 NFT collection was to sell 7,500 NFTs at a price of .911 ETH a piece, or roughly $1,430. However, NFT Twitter was critical of the launch, noting that a large supply of NFTs and the high price of mint showed a lack of understanding of Web3 strategy. As a result, on Monday, most of the NFTs minted were trading at a discounted price on secondary markets.
Then Tuesday, Porsche surprised NFT Twitter by announcing it would halt its mint with only 2,363 total tokens created. The shock to the supply of NFTs sent the floor price for people who’d already purchased an NFT soaring, reaching as high as 3.3 ETH, or about $5,200 at time of writing.
The Porsche 911 NFT collection was modeled after the luxury sports car brand’s famed 911 sports car. Though the floor price of the NFTs has since dropped to 2 ETH, it remains more than double the mint price. Furthermore, the collection has done a total trading volume of 2,066 ETH, or about $3.3 million dollars.
A spokesman for Porsche said that its NFTs will evolve with rarity and grant collectors access to special events and experiences in the upcoming months. They added that Porsche NFTs are intended to be a “long-term investment,” and that they were not concerned with the size of the community. Instead, they aim to give holders access to the “most exclusive and individual events and utilities” possible.
Luxury Brand Car Manufacturers Flock to Web3
The pivot from Porsche to halt its mint looks like a wise move for the famous German automobile maker, and its floor price is reflecting that. But Porsche is far from the only luxury car maker that’s shown an interest in NFTs and Web3 this year.
At Rarity Sniper, we’ve written several articles about NFT and metaverse projects from luxury car brands. Here are some of the most recent headlines:
- Ripple & Lotus Cars Team Up for NFT Collection
- Rolls-Royce Debuts ‘The Six Elements’ Car Series with NFTs
- Aston Martin to Drop NFT Collection for Metaverse Game
- Mattel Launches NFT Marketplace on Flow Blockchain
- Luxury Car Maker W Motors to Launch NFT Collection
- Lamborghini Launches “Epic Road Trip” NFT Collection
- Bentley Motors to Launch Eco-Friendly NFT Collection
There is tons of excitement from car manufacturers in the Web3 and NFT space. One reason is because NFT technology lets car makers sell digital products to customers, and they can strengthen their community by providing holders with rewards, IRL perks and events, and memberships to exclusive clubs.
It will take time to see if the Porsche 911 NFTs’ floor price will hold, but we certainly applaud the company’s move to listen to Web3 natives and react accordingly. We’ll be on the lookout for any more news about Porsche’s 911 NFT collection.