Porsche just dropped a collection of 7,500 NFTs with a mint price of 0.911 ETH and we’re left scratching our heads like 🤔🤔🤔
Sure, you can customize your digital Porsche with over 150K different traits, but is it really worth 0.911 ETH? Looks like Porsche did the math and thought “7,500 * 0.911 = 6832.5 ETH, let’s do it!” But they forgot to factor in the current market and bring actual value to the NFTs.
In a bear market, most mints are <0.08 ETH. And let’s not forget, luxury products need to be exclusive with strong branding.
With a little bit of research, they could have done amazing things like:
– Keeping a high supply but lowering the mint price (0.0911?)
– Keeping a high price but lowering the supply (911, 1,911, 2,911?)
– Adding IRL value (invitation to Porsche event, chance to win a car, preview of new releases, piece of art, books about the history of Porsche, merchandising…)
– Digital incentives (collect multiple to earn rare NFTs, whitelist for other cars…)
Just look at Lamborghini and Bugatti, they did it right with very different projects. Lamborghini created a customized unique marketplace and added a variety of different utilities for the NFTs such as:
– VIP tours
– Physical art
– Digital sketches made by the head of design at Lamborghini
– Lamborghini GLB file
– Whitelist, and the opportunity to collect many NFTs to obtain rarer ones, all at an affordable mint price (starting at $175, or a little more than 0.1 ETH).
Bugatti also did it right with an extra limited collection (261 items) and ultra-limited physical pieces of art made by Asprey.
The sad thing is that it’s with big brands like Porsche that we can achieve massive adoption. We need them to be well-advised, to take the time to do strong due diligence and to bring value to web 3. We need big web2 brands to truly understand web3 and bring positive change. Not just to make a quick cash grab without adding value for consumers. To put as much effort into web3 as they do in web2
Honestly, as a big fan of Porsche IRL, we truly hope they will learn from this and brings more value to the market with their NFT project.
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Nice article, Porsche really doing a big shit collection