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The Porsche NFT collection crashes and burns after a lackluster launch

The iconic German auto brand had sold just over 25% of its first 7,500-piece NFT collection when it said it would close the project by Wednesday at 6 a.m. ET, according to the blueprint Chirping account. Porsche had initially envisioned a three stage NFT minting process which limited buyers to just three NFTs in an unspecified time.

“Our keepers have spoken” @eth_porsche wrote on Tuesday afternoon. “We will cut our supply and stop the mint to move forward with creating the best experience for an exclusive community.”

In just over 24 hours, 1,909 NFTs were sold for 0.911 Ether each, or about $1400 as of Tuesday. But come on OpenSea secondary NFT marketthe cheapest Porsche digital collectible was available for 0.905 Ether, lower than on the project’s official website.

The company first unveiled the NFT collection, which features images of a white Porsche 911 Carrera, at Art Basel in November, touting it as “rare, iconic and as timeless as its sports cars.”

Judging by the lackluster sales, the cryptocurrency crowd, which it sometimes is ironically associated with Lamborghini, tended to disagree.

Despite the brand’s intent to involve Web3, some on crypto Twitter believed the company’s efforts hadn’t gone far enough. Several pointed out that the brand never promoted the mint on its official Twitter account and complained that NFTs were overpriced given the lack of benefits and features associated with each collectible.

Just a huge whiff all around. They could have at least pretended to be interested. Not even promoted from their real account, it got expensive but not scarce. It’s like they want to test the waters but are embarrassed to even promote it to their core audience.

— Joe Create (@joekreate) January 24, 2023

porsche really tried to sell $11m worth of uncreative NFTs with a big W low effort for space this flop did better pic.twitter.com/aqN3WhrgdE

— Giancarlo (@GiancarloChaux) January 24, 2023

Other users have complained that Porsche acted like a traditional technology company, or web2, in creating the NFT project, instead of fully embracing Web3 by engaging people in the space.

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. It is imperative to work with cultural leaders in the space who can hold your hand to help you CONTRIBUTION 1st. So launch later.

— KAI HENRY (@KAI__HENRY) January 24, 2023

if you’re crazy about porsche nft cars that sell for less in secondary than primary markets, just wait until you hear about their physical cars

— foobar (@0xfoobar) January 24, 2023

Porsche didn’t respond immediately Fortunerequest for comment.