Porsche’s NFT Collection Soars After Supply Shock, Price Hits $5,200

• 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.