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Porsche NFT collection falls below floor price

Porsche NFT collection falls below floor price

Porsche just debuted on Web3 with the introduction of its first NFT collection. The collection consisted of 7500 NFTs depicting the well-known Porsche 911 sports vehicle, with a set mint price of 0.911 Ether [ETH] or $1,490 per NFT.

The floor price drops

In the allow list mint, these NFTs were made in four different waves. After this, there was a public mint where buyers could mint up to three 911 NFTs. The rollout was done in three parts, and the first part is happening right now.

Porsche has not disclosed a great deal about Phase 2, but Phase 3 appears to be based on rarity. Users will be able to turn their 911 NFT into one of the official website’s advertised 150,000+ variations. The collection was previously expected to be well-liked by the brand’s fans, which generated considerable expectations.

However, within hours of the minting, sales of the non-financial tokens appeared to slow. Only 1371 of the 7500 NFTs had been purchased at the time of writing, leaving more than 82% of the collection unsold. The secondary market indicators painted a less favorable picture of the collection.

According to data from NFT marketplace OpenSea, the selling price of 911 NFTs has dropped below the mint price of 0.911 ETH. The floor price had soared as high as three ETH on January 23 but had recovered to the original mint price at press time. The top offer for the NFT was 0.86 wrapped Ether wETH.

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