The Porsche 911 that nobody wants? Why the luxury car manufacturer failed to launch NFTs

A famous manufacturer of luxury sports cars and SUVs announced in November 2022 the release of 7,500 Porsche 911 NFT cars that users will be able to customize. The announcement said that it would be possible to select both performance and appearance features with 150k+ variations.

On January 23, minting started in four waves for “allowlist” holders. At the time of this publication, only 1,401 NFTs out of 7,500 had been minted via the official NFTs website. 

While on OpenSea the initial price was 3 ETH (about $4,900), as of January 24 it had dropped to 0.909 ETH (about $1,400). There are 1,381 Porsche 911s on the marketplace, of which only 309 were sold. 

At the same time, the sales volume for the day was $2,569,929, according to Cryptoslam. This is better than the Mutant Ape Yacht Club NFT with $1,755,501 in trading volume, but worse than the Sewer Pass with $7,458,373 (these NFTs give access to Yuga Labs’ Dookey Dash game). However, the same chart shows that trade in Web3 cars has stalled, and at least a few NFTs have been resold at a loss.

For example, as Twitter user notEezzy pointed out, one user bought a Porsche NFT for 2.5 ETH ($4,000), kept it for 2 hours, and then sold it for 1.03 ETH ($1,600). 

Why did the Porsche 911 NFTs launch fail?

1. The high starting price of a quite large collection on the background of a bear market.

2. Web2 business is trying to join Web3 without having enough knowledge of it.

3. Lack of community. The brand tried to sell very expensive NFTs without having a fan base for the collection.

4. Lack of games or any useful entertainment for owners.