Porsche NFT trading volume nears $5M despite launch woes, minting halt

Collection of non-fungible tokens (NFTs) from the German luxury car manufacturer Porsche reached 2,839 ether (ETH) ($4.5 million) in total sales volume, according to NFTScan data at the time of this writing on January 26. The collection had a low price of 2.74 ETH and a high price of 9.18 ETH, with more than 1,705 total sales.

Originally intended to have a total supply of 7,500 NFTs, Porsche abruptly halted the minting process on January 25 after some users complained about high minting prices and lack of utility for NFT holders. Since then, the supply has been reduced to 2,363. NFTs originally had a mintage price of 0.911 ETH, referencing the “911” NFT collection of the same name, but many users complained that they wanted the price lowered to 0.0911 ETH.

After community feedback, Porsche Announced which would extend holder benefits to behind-the-scenes access to the world of Porsche, the co-creation of "Porsche's future of Web3", an exclusive physical capsule collection starting in Q2 2023, the opportunity to attend "money-can't - buy Porsche experiences” and a “private airdrop” in March 2023. First featured during Art Basel Miami in November 2022, the Porsche NFTs were created by Hamburg-based designer and 3D artist Patrick Vogel and his studio Alt/Shift. Lutz Meschke, Porsche vice president and executive board member for finance and IT, wrote at the time:

“This project is an additional element of our digitization strategy. We are committed to the long term and our Web3 team has the autonomy to develop innovations in this dimension as well. Innovation management at Porsche also sees potential in the shopping experience, the metaverse and the supply chain. Issues related to vehicles and sustainability are also being considered.”