The first non-fungible token (NFT) collection from German automaker Porsche was published on Monday. Still, unlike what some enthusiasts may have anticipated, the initiative is headed for something other than high resale prices.
The 7,500-piece collection, which honors the company’s legendary 911 sports car, began minting for those on the allowlist on Monday at 9 a.m. EST in four waves of an hour each. The mint was made available to the general public with an open-ended stop time after the initial allowlist mint expired. Up to three virtual 911 Porsches, each worth 0.911 ETH or around $1,490, can be purchased by collectors.
Holders can choose from three “paths” to pursue in the following stages of the minting process, customizing their NFTs’ rarity and design.
Sales of the collection lagged in the early hours when the mint opened. Only 1198 NFTs, or roughly 16% of the entire collection, have been sold through Porsche’s official website as of Monday night. The secondary market’s sales likewise seemed to be stagnant.
The collection was selling for $50 less on secondary markets like OpenSea while the mint was still going on, with a floor price of 0.89 ETH, or roughly $1,450, at the time of writing.
Porsche excitedly unveiled its talked-about NFT project during on November 30, 2022. The carmaker collaborated with a German digital collectibles company Fanzone’s subsidiary Road2Dreams, to distribute the tokens. Some Twitter users criticized the collection, pointing out its high mint price and a sales approach that didn’t seem to fit with the Web3 concept.
The sports car manufacturer wants to integrate the benefits of blockchain technology into existing and future solutions and processes.
Following a record $25 billion in sales in 2021, the NFT sector reported $5.36 billion in organic trading activity in January 2022
These enormous sums have reduced to an average monthly NFT trading volume of $1 billion since the crypto market collapse started in May 2022. According to Dune Analytics statistics, the volume was only $466 million in September 2022. But businesses like Sony, FIFA, Opera and Reebok support technology. Also, the cumulative volume of NFT sales hit 101 million last year, with the Ethereum ecosystem dominating the market with about 21.2 million executed transactions.