Porsche's first NFT collection stalled amid criticism from the community

On November 29, 2022, Porsche announced its entry into the virtual world and will sell an NFT collection.

The designer of Porsche's NFT collection is 3D artist Patrick Vogel, and the project to issue a 7,500 NFT collection inspired by the legendary Porsche 911 attracted the attention of many users, and the NFT collection was launched on January 23, 2023.

However, despite attracting the attention of many users, the sales of the collection, which was sold at a high price of $1,490 at the time of release, did not increase, and of the 7,500 NFTs prepared, only about 1,600 were issued as of the next day. In secondary markets such as OpenSea, they were being resold for less than the issue price.

Realizing the lack of popularity, Porsche announced a suspension of issuance. As of February 2023, 2,363 NFTs were ultimately issued. During this time, Porsche reduced the originally planned supply of NFTs due to sluggish sales, and added additional benefits (utility = the use value of NFTs), leading to an increase in prices in secondary distribution (resale).

This was a measure that pleased NFT holders who were hoping to resell them, but Porsche's ad hoc response earned the distrust of original NFT holders and sparked outrage. Thus, Porsche's first NFT project is remembered as a prime example of failure.

So why did Porsche's NFT project end in failure?