German automobile manufacturer Porsche launched its NFT collection but failed to live up to the hype with criticisms of mint price pouring in and lack of a proper roadmap.
Porsche announced in November the 7,500-piece NFT collection created by 3D artist Patrick Vogel, based on the classic Porsche 911.
The NFT Porsche holders can modify the appearance and behavior of their NFTs, but they are only allowed to mint a total of three NFTs for a mint price of 0.911 ETH, around $1,490.
Prior to granting access to the general public, Porsche began minting at 9:00 AM UTC in four waves of one hour each for allowlist holders.
Sales of the collection appeared to lag in the early hours when the mint launched. Only 1420 of the overall collection’s NFTs had been sold on Porsche’s official website as of the time of writing.
The floor price of the Porsche 911 NFTs has decreased below the mint price of 0.911 ETH, according to data from OpenSea. At the time of writing, the floor price had dropped to 0.9079 after originally rising to as much as 3 ETH upon launch.
The NFT community called out Porsche who appeared to have abandoned the minting with no further plans to carry out the future of the 911 NFT collection amid the crypto winter.
Some people have even criticized Porsche for having no active Discord community and only using Twitter to promote the NFT collection. A few of them pointed out the mint price which is a bit much during the bear market.
Some reminded that Web2 firms should collaborate with Web3 firms to improve their prospects of a successful NFT deployment.