Despite his ambitious plans to venture into non-fungible token (NFT) On the market, German luxury car brand Porsche has only managed to sell around 25% of its first collection of 7,500 tokens. In just 24 hours, approximately 1,909 NFTs were sold for ETH 0.911 per unit, or approximately $1,414 as of 2 PM UTC today.
“Our Holders Have Spoken,” the brand’s dedicated Web3-focused account Told On Twitter. “We are going to cut our supply and prevent Mint from continuing to move forward with creating the best experience possible for a special community. More details in the next hours.
According to the company, Porsche’s NFT Mint closed on January 25 at 6 am UTC-5.
The German auto maker first presented its NFT collection, which features images of its iconic Porsche 911 Carrera sports car, at the Art Basel show last November, US magazine Fortune Reported, The brand promoted it as “as rare, iconic and timeless as its sports cars”.
The company’s failure to attract solid market interest has been attributed by some commentators to an insufficient understanding of the regulations governing crypto markets and Porsche’s separation from traditional sales channels.
Some industry observers criticized Porsche for the lack of sufficient collaboration with the leaders of the crypto space, and expected the sale to trigger higher sales as it was launched by an internationally recognized brand.
“Fortune 500 brands, take note of Porsche’s Web3 launch today. You can’t just learn the jargon, show up to an Art Basel and expect results. It’s imperative to work with cultural leaders in the space who contribute first.” can hold your hand to help you do that. Then launch later,” said Kai Henry, CEO and founder of Future Studios, in a Tweet,
Brandon Frankel, chief business officer of virtual concert production company NoCap Show, agreed that Porsche’s approach to the NFT market was part of a larger problem, with many global businesses failing to adapt their marketing strategies to the reality of the cryptosphere and its lack of success. Taken treatment. Like any other industry.
“It’s very typical of big brands—they want to ‘innovate’ and push the boundaries, but if they ever do, they don’t listen or they hire the wrong agencies. It’s wild.” Frankel Told in a tweet. “As someone who has done more brand deals then I can ever remember, I can give too many examples of them not listening or thinking they want to be creative and then the same old crap But come back”.
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