Porsche’s NFT launch hit a red light after two days of disappointing sales

Porsche’s NFT ambitions were stalled right out of the gate.

The iconic German car brand had sold just over 25% of its first 7,500-piece NFT collection when it said it would close the project on Wednesday at 6 a.m. ET, according to the project’s Twitter account. Porsche originally envisioned a three-phase NFT mining process that buyers are limited to only three NFTs at an unspecified time.

“Our holders speak,” @eth_porsche wrote on Tuesday afternoon. “We will cut our supply and stop the mint to continue creating the best experience for an exclusive community.”

In just 24 hours, 1,909 of the NFTs were sold for 0.911 Ether each, or about $1400 on Tuesday. But in secondary NFT market OpenSeathe cheapest Porsche digital collectible is available at 0.905 Ether, lower than the official website of the project.

The company first unveiled the NFT collection, featuring images of a white Porsche 911 Carrera, at Art Basel in November, saying it was, “as unique, iconic and timeless as its sports cars.”

Judging by the lackluster sales, the crypto crowd, that sometimes ironically associated with Lamborghini, inclined to disagree.

Despite the brand’s intention to engage with Web3, some on crypto Twitter believe that the company’s efforts are not going far enough. Several pointed out that the brand never promoted the mint on its official Twitter account, and complained that the NFTs were overpriced due to the lack of perks and features associated with each collectible.

Some users complained that Porsche acted like a traditional technology, or web2, company in creating the NFT project, instead of fully embracing Web3 by involving people in the space.

Porsche did not immediately respond luckThis is a request for comment.

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