Porsche’s first set of NFTs didn’t convince

Porsche Digital Workshop. Source: Porsche

German luxury car brand Porsche managed to sell only about 25% of its first batch of 7,500 NFTs. In just over 24 hours, about 1,909 NFTs have sold at 0.911 ETH per unit, or about $1,414 at the time of writing.

“The owners of our NFTs have spoken,” announce On the Twitter account dedicated to the Web3-oriented brand. “We will be reducing our production and discontinuing the mint in order to move forward to create the best experience for an exclusive community. More information in the next few hours.

Porsche’s NFT Mint was retired on January 25, 2023, at 6 a.m. UTC 5, according to the company.

The German automaker debuted its NFT collection, featuring images of its iconic Porsche 911 Carrera sports car, at the show. ArtBasel Last November, the US Fortune magazine reported. The brand then referred to its NFTs as “Rare, iconic and timeless, like its sports cars. “

Some commentators attributed the company’s inability to obtain direct market interest Insufficient understanding of the rules governing the cryptocurrency market and their choice to depart from Porsche’s traditional sales channels.

others He accuses Porsche of not cooperating enough with the leaders of the cryptosphere He expected the ad to generate high sales simply because it was launched by an internationally recognized brand.

Brands are part of the Fortune 500, note the launch of Porsche’s Web3 today. It’s not enough to learn the language, show up at one Basel fair and expect results. It is essential to work with cultural leaders in the cryptocurrency world who can hold your hand to help you contribute first. Kay Henry, CEO and Founder of Fewture Studios, said in a statement tweet.

Brandon Frankel, commercial director of virtual concert production company NoCap Shows, agreed that Porsche’s approach to the NFT market was part of a An even bigger problem, as is the case with many large global companies that have failed to adapt their marketing strategies to the realities of the crypto worldIt treats it like any other industry.

It is very typical for big brands They want to “innovate” and push boundaries, but if they do, they’re not listening or they’re hiring the wrong agencies. Frankl said in a tweet.

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