Despite his ambitious plans to venture into the non-fungible token (NFT) market, German luxury car brand Porsche only managed to sell around 25% of its first collection of 7,500 tokens. In just over 24 hours, some 1,909 of the NFTs had sold for 0.911 ETH per unit, or roughly $1,414 as of 2 p.m. UTC today.
“Our cardholders have spoken”, the brand’s dedicated Web3-focused account said on Twitter. “We will be reducing our supply and shutting down the Mint to move forward with creating the best experience for an exclusive community. More info in the next few hours.
Porsche’s NFT Mint closed on Jan. 25 at 6 a.m. UTC-5, according to the company.
The German automaker first presented its NFT collection, which features images of its iconic Porsche 911 Carrera sports car, at the Art Basel show last November, according to US magazine Fortune. reported. The brand presented it as “rare, iconic and timeless like its sports cars”.
The company’s inability to generate solid market interest is attributed by some commentators to insufficient understanding of the rules that govern crypto markets and their detachment from Porsche’s traditional sales channels.
Some industry watchers have criticized Porsche for its lack of sufficient cooperation with leaders in the crypto space, and expect the sale to trigger high sales simply because it was launched by an internationally recognized brand. .
“Fortune 500 brands, take note of Porsche’s Web3 launch today. You can’t just learn the lingo, show up at an Art Basel and expect results. Working with cultural leaders in the industry is imperative. ‘space that can hold your hand to help you CONTRIBUTE first. Then launch later,” said Kai Henry, CEO and Founder of Fewture Studios, in a Tweeter.
Brandon Frankel, chief commercial officer of virtual concert production company NoCap Shows, agreed that Porsche’s approach to the NFT market was part of a bigger problem, with many global companies not adapting their marketing strategies to the reality of the cryptosphere and dealing with it. like any other industry.
“It’s so typical of big brands – they want to ‘innovate’ and push boundaries, but if they ever do, they don’t listen or they hire the wrong agencies. It’s wild,” Frankel said in a tweet. “As someone who’s done more deals with brands than I could ever remember, I can give an insane amount of examples of them not listening or thinking they want to be creative and then go fall back on the same old shit”.