Porsche NFTs Revived After a Dull Launch

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Writ­ten off at launch, Porsche NFTs are now trad­ing at a 280% high­er floor price – up by 25% on Mon­day alone.

The Porsche 911 non-fun­gi­ble tokens (NFTs) fea­tured the famous 911 mod­el in a col­lec­tion of 7,500 NFTs. The mint went live on Jan. 24, priced at 0.911 Ethereum (ETH), but received back­lash from the community.

The com­mu­ni­ty crit­i­cized the price of 0.911 ETH, as the over­all Web3 mar­ket is try­ing to recov­er from cryp­to win­ter. A day after the launch, rough­ly 80% of the inven­to­ry remained unsold. The col­lec­tion was trad­ing at around 0.85 ETH, low­er than the mint price on open markets.

How­ev­er, the floor price has now roared back and cur­rent­ly sits at rough­ly 2.5 ETH, around 280% high­er than the mint price.

Porsche 911 NFT with a number plate 1755
Source: OpenSea

What Saved the NFT Project?

Accord­ing to data from CoinGecko, the floor price and mar­ket cap of Porsche 911 were up by 26% on Mon­day. The mar­ket cap of the col­lec­tion is 6,096.54 ETH, approx­i­mate­ly over $9 million.

Porsche floor price, CoinGecko
Source: CoinGecko

In an attempt to revive the project, the team stopped mint­ing on Jan. 25. They lim­it­ed the sup­ply to 2,363 from 7,500. Fur­ther­more, they announced more util­i­ties such as air­drops, abil­i­ties to shape the future of Porsche Web3, and cus­tomiza­tion phas­es with over 150,000 pos­si­bil­i­ties for cus­tom designs.

Phase one of the five phas­es of cus­tomiza­tion starts on Tues­day. The demand for the col­lec­tion is surg­ing as the NFTs approach a stage, where the users can choose between per­for­mance, her­itage, or lifestyle.

Got some­thing to say about Porsche NFTs or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik­Tok, Face­book, or Twit­ter.

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.

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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