Porsche NFT Sales Stall Following Launch

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Porsche is the lat­est lux­u­ry brand to hop on the non-fun­gi­ble token (NFT) band­wag­on, how­ev­er buy­ers have not been get­ting on board.

The sports car man­u­fac­tur­er launched an NFT col­lec­tion fea­tur­ing its 911 mod­el in a series of 7,500. Appar­ent­ly in cel­e­bra­tion of its icon­ic vehi­cle, Porsche has set the mint price for each at 0.911 Ethereum. How­ev­er, the price does not seem to reflect mar­ket sen­ti­ment, as one day after the launch rough­ly 6,000 are still avail­able, some 80% of inventory.

Porsche NFTs Stall

Com­men­ta­tors on Twit­ter were also not impressed with the arbi­trary price point. “No one mint­ing at 0.911 when no buy­ers here,” said BeniThe­Jett. “They can’t say the entire NFT com­mu­ni­ty didn’t try to warn them.” Porsche 911 NFTs have been sub­se­quent­ly trad­ing on OpenSea for as low as 0.85 ETH.

In fact, upon inspec­tion, the launch has played out sim­i­lar­ly to many oth­er whitelist­ings. Upon pub­lic launch, those with more exclu­sive access cap­i­tal­ized on the momen­tary demand by cash­ing out as the price ini­tial­ly spiked. Sales have since stag­nat­ed, seem­ing­ly below the mint price set by Porsche, which could ulti­mate­ly seal the collection’s fate.

Porsche 911 NFT Sales – Source: OpenSea

Luxury NFTs Rising in Popularity

Porsche is not alone among lux­u­ry brands to have made the for­ay into NFTs, in spite of sink­ing sales. In addi­tion to declin­ing vol­umes, last year was char­ac­ter­ized by fash­ion brands increas­ing their pres­ence in the metaverse.

For instance, Gucci’s then cre­ative direc­tor Alessan­dro Michele, and dig­i­tal arti­san Wag­mi-san, launched the 10KTF Guc­ci Grail col­lec­tion. The lux­u­ry fash­ion brand launched the col­lec­tion as part of its Guc­ci Vault, its “exper­i­men­tal online space.” Mean­while, Dolce & Gab­bana part­nered with Poly­gon-based Meta­verse fash­ion com­pa­ny UNXD and Chain­link for the DGFam­i­ly Glass Box reveal.

But while low sales have demon­strat­ed lit­tle con­sumer appeal for what seem to be dig­i­tal retail goods, anoth­er auto­mo­bile com­pa­ny has also been uti­liz­ing the same tech­nol­o­gy in per­haps a more instruc­tive way. 

Ital­ian auto­mo­bile man­u­fac­tur­er Alfa Romeo is launch­ing a pair of SUVs this year that will each retain NFTs. Dri­vers can then use these tokens to pro­duce a blockchain-based cer­tifi­cate about the car per­for­mance, for ser­vice and resale purposes.

Disclaimer

BeIn­Cryp­to has reached out to com­pa­ny or indi­vid­ual involved in the sto­ry to get an offi­cial state­ment about the recent devel­op­ments, but it has yet to hear back.

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