• Porsche’s NFT collection was highly criticized shortly after launch due to a high price point and large supply.
• Porsche said it would halt its mint, leaving 2,363 tokens created which created a supply shock and sent the price soaring.
• Currently, tokens are trading for floor prices of 3.3 ETH or roughly $5,200.

Porsche, the famed German automobile maker, made a bold move into the NFT (non-fungible token) market this week, with the launch of its collection of tokens modeled after the 911 sports car. However, the launch was met with much criticism due to the high price point of 0.911 ether (ETH), or roughly $1,420, as well as the large supply of 7,500 tokens.

The NFT Twitterverse quickly excoriated the collection’s launch, noting the high price and large supply as major factors in the poor launch as well as Porsche’s lack of understanding of Web3 strategy. This led to many of the tokens trading at a discount shortly after the project crossed the starting line.

But, on Tuesday, Porsche announced that it would halt its mint, leaving only 2,363 tokens created. This created a supply shock and sent the price soaring on the secondary market. According to data from OpenSea, the tokens are currently trading for a floor price of 3.3 ETH, or roughly $5,200.

This news marks a major shift for the NFT market and a lesson for brands who are looking to venture into this space. Porsche’s experience serves as a reminder to let Web3 natives take the wheel when it comes to NFT strategy. With this in mind, it will be interesting to see how the collection’s floor price continues to develop in the coming weeks and months.

Bulletpoints:
– Rebecca Barkin has been promoted to CEO of Metaverse-focused layer 1 blockchain protocol Lamina1.
– As CEO, Barkin will oversee all business operations for Lamina1, including partnerships, fundraising, developer relations and product roadmap execution.
– Lamina1 was first teased in June as a foundation for an open metaverse and launched the Lamina1 Ecosystem Fund late last year.

Rebecca Barkin is taking the helm at Lamina1, a Metaverse-focused layer 1 blockchain protocol founded by science-fiction author Neal Stephenson and global blockchain expert Peter Vessenes. As CEO, Barkin will oversee Lamina1’s business operations, partnerships, fundraising efforts, developer relations, and the execution of the company’s product roadmap.

Barkin joined the Lamina1 team in August 2020 as the company’s president, a role she will continue to hold in addition to her new position as chief executive. The promotion comes as Lamina1 continues to solidify its place as the foundation for an open metaverse.

The idea for Lamina1 was first teased in June 2020, providing a platform for developers to build and deploy applications and services. The team also launched the Lamina1 Ecosystem Fund (L1EF) late last year to provide support for projects that can create real-world value for Lamina1 users.

“I’m honored to have been chosen to lead Lamina1, and I look forward to working with the team to build the next generation of blockchain technology,” said Barkin in a statement. “My goal is to make Lamina1 the most secure, efficient, and user-friendly platform in the space, and I’m confident that our team can make this a reality.”

Barkin is no stranger to the world of technology, having previously served as a senior executive at Magic Leap, a start-up specializing in augmented reality. She is also an experienced product and business development leader, having held leadership roles at top tech companies such as Apple, Microsoft, and Samsung.

“We are thrilled to have Rebecca at the helm of Lamina1,” said Stephenson. “She brings a wealth of experience in technology and product development, and her vision for the future of blockchain will be invaluable in helping us achieve our mission of building the world’s most secure and efficient blockchain platform.”

As Lamina1 continues to grow, Barkin will be leading the charge in developing and deploying revolutionary blockchain technologies. With her experience and leadership, she is well-positioned to lead Lamina1 into the future as it continues to bring transformative blockchain solutions to the world.