Forbes India 30 Under 30 2023

Porsche's NFT collection nears $5M trading volume

The NFTs were first revealed at Art Basel Miami in November 2022 and were created by Hamburg-based designer and 3D artist Patrick Vogel and his studio Alt/Shift

Shashank Bhardwaj
Published: Jan 27, 2023 05:14:45 PM IST

Porsche's NFT collection nears M trading volumeImage: Johnny Nunez/Getty Images

As of January 26, the total sales volume for Porsche's nonfungible token (NFT) collection has reached 2,839 Ether, which is equivalent to about $4.5 million.

The collection had a starting price of 2.74 ETH, and the highest price paid for an NFT in the collection was 9.18 ETH. The collection also saw over 1,705 sales in total.

Porsche initially planned to create a total of 7,500 nonfungible tokens for its collection but stopped the creation process abruptly on January 25 due to complaints from some users about the high cost of creating these NFTs and the lack of benefits for owning them.

As a result, the total supply of NFTs was reduced to 2,363. The original cost to create an NFT was 0.911 ETH, a reference to the "911" NFT collection, but some users wanted the price to be lowered to 0.0911 ETH.

Following feedback from the community, Porsche announced that it would be offering additional benefits to NFT holders, such as access to behind-the-scenes content from Porsche, the opportunity to co-create Porsche's future on the Web3 platform, an exclusive physical collection set to be released in Q2 2023, the chance to attend exclusive Porsche experiences, and a "private airdrop" in March 2023.

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

Lutz Meschke, Porsche's deputy chairman, said in a statement that the NFT project is a part of Porsche's digitalization strategy and that the company is committed to exploring new innovations in the areas of purchasing experience, metaverse, and supply chain and also looking into vehicle and sustainability issues.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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