Reports said that Porsche’s first foray into Web3 didn’t go as planned, as the nonfungible token (NFT) collection severely struggled to sell out during launch day. The collection only sold 16% of its supply day before yesterday and the mint price is partially the issue.
It has been reported that on January 24, the Porsche collection of 7500 NFTs priced at 0.911 ETH each ($1412.24 USD) completely failed to mint out. Due to the costly mint price and lack of communication from the team, the NFTs had no appeal.
However, this drove allowlist recipients and public sale competitors to run as far away from the project as they could. As of January 25, the collection is sitting at 0.9 ETH, which is below mint price. As expected, the Porsche team’s poor approach resulted in waves of NFT community members voicing their opinions via Twitter.
The report said that calling the collection a cash grab wasn’t the only thing members were tweeting about. In sum, they did not hold back. To specify, one of the tweets stated that the supply will be cut and the mint will be stopped. One hour later, another tweet was posted stating that the mint is still open and will close tomorrow (January 25 at 6 a.m. UTC).
Thus, they ended the tweet by saying the following:
“For our holders, we can’t wait to define the future with you.”
Source: NFT Evening