February 5, 2023

Porsche NFT 911 in need of rescue

Porsche became the latest luxury brand to join the ranks of non-volatile tokens (NFT), but buyers do not accepted him.

The sports car manufacturer released7,500 NFT collection featuring its 911 model. Apparently in honor of their iconic car, Porsche has set a monetary price for each of them at 0.911 Ethereum. However, the price does not seem to reflect market sentiment, as a day after the launch, approximately 6,000 pieces remained on sale, i.e. about 80% of stock.

“No one mints at 0.911 when there are no buyers.” The NFT community tried to warn them.”

Porsche 911 NFTs subsequently traded on OpenSea at 0.85 ETH. And now the problems begin. No one is mining at 0.911 when there are no buyers.

In fact, upon closer inspection, the launchwent through the same way as many other cases of whitelisting. After the public launch, those with exclusive access took advantage of the instant demand by cashing in as the price skyrocketed at first. Since then, sales have stalled, seemingly below Porsche's set price, which could ultimately decide the collection's fate.

Porsche is not the only luxury brandwho decided on NFT, despite the drop in sales. In addition to declining volumes, last year was characterized by the fact that fashion brands increased their presence in the Metaverse.

For example, the then creative director of GucciAlessandro Michele and digital artist Wagmi-san have launched the 10KTF Gucci Grail collection. The luxury fashion brand launched the collection as part of the Gucci Vault, its “experimental online space.”

Meanwhile, Dolce & Gabbana collaborated withby UNXD and Chainlink based at Polygon Metaverse to show the DGFamily Glass Box collection. But while low sales have demonstrated the low consumer appeal of seemingly digital retail products, another car company is also using the same technology, perhaps in a more enlightening way.

Italian car manufacturer Alfa Romeois launching a pair of SUVs this year, all of which will store NFTs. Drivers will then be able to use these tokens to obtain a blockchain-based certificate of vehicle performance, for maintenance and resale purposes.