German automaker Porsche has launched the NFT collection, but the project did not progress as fans expected.
Porsche’s new NFT project in digital art was developed by Hamburg-based designer and 3D artist Patrick Vogel. Vogel designed digital portraits for Porsche centered around a white Porsche 911. Fans were hopeful about the project, but the NFT collection, which was unveiled during Art Basel in Miami, was hit with print.
Porsche NFT Collection Didn’t Live Up To Expectations
The collection of 7,500 pieces, which pays homage to the iconic sports car of the German brand, the 911, started to be printed for its owners in four steps, one hour apart. After the first step was over, the NFTs went public with an open stop period. Collectors are allowed to print up to three virtual 911 Porsches for 0.911 ETH (about $1,490) each.
In the hours after the first opening, it was seen that the sales of the collection stopped. Only 1198 NFTs (about 16 percent of the total collection) were sold on Porsche’s official website on Monday evening.
Sales in the secondary market also looked sluggish. At night, the base price of the collection dropped to 0.89 ETH (about $1,450). So the collection was selling for $50 cheaper in secondary markets like OpenSea while it was in print.
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