Porsche’s NFT collection reaches $4.5m in total sales volume

Originally meant to have a total supply of 7,500 NFTs, Porsche abruptly halted the minting process on Jan. 25 after some users complained of high minting prices and lack of utility for NFT holders

German luxury car manufacturer Porsche’s nonfungible token (NFT) collection reached 2,839 Ether ($4.5 million) in total sales volume at one time on Jan. 26, according to data from NFTScan. The NFT collection had a floor price of 2.74 ETH and a high price of 9.18 ETH, with more than 1,705 total sales.

Originally 7,500 NFTs were planned, but Porsche halted the minting process abruptly on January 25 after some users complained of high minting prices and lack of utility for nonfungible token holders. Since then, the supply has been lowered to 2,363. The nonfungible tokens originally had a minting price of 0.911 ETH, referencing the namesake ‘911’ NFT collection, but many users complained that they wanted the price reduced to 0.0911 ETH instead.

After the feedback from the community, Porsche announced that it would expand holder benefits to behind-the-scenes access to the world of Porsche, co-creation of ‘Porsche’s future of Web3,’ an exclusive physical capsule collection beginning in the second quarter of 2023, the opportunity to attend ‘money-can’t-buy Porsche experiences,’ and a ‘private airdrop’ in March 2023.

The Porsche NFTs were first unveiled during Art Basel Miami in November 2022. Hamburg-based designer and 3D artist Patrick Vogel and his studio Alt/Shift created the nonfungible tokens.

At the time, Porsche’s deputy chairman and member of the executive board for finance and IT, Lutz Meschke, wrote that this project is an additional aspect of our digitalization strategy. We’ve made the commitment for the long term and our Web3 team has the autonomy for innovations in this dimension also. Innovation management at Porsche also sees potential in the purchasing experience, metaverse and supply chain. Vehicle and sustainability issues are also being reviewed.