Porsche NFT 911 in need of rescue

Porschehas become the latest luxury brand to join the ranks of non-volatile tokens(NFT), however buyers do notaccepted him.

The sports car manufacturer has releaseda collection of NFTs featuring his 911 model in the amount of 7,500 pieces. Apparently, in honor of its iconic car, Porsche set the monetary price for each of them at0.911 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.

“Nobody mints 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 – not the only one among luxurybrands who decided to use NFTs despite falling sales. In addition to declining volumes, the past year was characterized by fashion brands increasing their presence in the Metaverse.

For example, the then creative director of GucciAlessandro Michele and digital master 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 in Polygon Metaverse, to showcase the DGFamily Glass Box collection. But while weak sales have demonstrated the low consumer appeal of seemingly digital retail products, another car company is also using the same technology in perhaps a more instructive 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.