New Entrance NFT Coin Sees Bottoms: What Happened? –

The base price of this NFT coin collection on the secondary market fell below the mintage price of 0.911 ETH in the hours after it went public.

NFT Coin fell below its exit price

German automaker Porsche released its NFT collection on Monday. But the project isn’t racing towards the high resale prices that fans predicted. Paying homage to the brand’s iconic 911 sports car, the 7,500 collection kicked off at 9am EST on Monday in four waves of one hour each for pass-through holders.

After the initial allow list was out of print, the edition was made available to the general public with an open-ended pause. Collectors are allowed to print up to three virtual 911 Porsches at 0,911 ETH, which costs around $1,490 each.

Later stages of the printing process allow owners to choose one of three ‘ways’ to track and customize the design and rarity of their NFT. In the hours after the print’s first opening, sales of the collection seemed to have stalled. At the time of writing this article, only 1198 NFTs, roughly 16% of the total collection, had been sold on Porsche’s official website.

Sales in the secondary market also looked sluggish. As we mentioned, at the time of this writing, the base price of the collection was 0.89 ETH, or approximately $1,450. That is, the collection was selling for less than $50 in secondary markets like OpenSea while production was ongoing.

Porsche receives criticism

With great anticipation, Porsche announced its exciting NFT initiative at Miami Art Week in December. The company has partnered with Road2Dreams, a subsidiary of German digital collectibles company Fanzone, to distribute the tokens. Some Twitter users opposed the collection, noting its expensive print price and sales strategy that seemed incompatible with Web3’s ethos.

Dave Krugman, artist and founder of NFT creative agency Allships, got in touch with the target Web3 community by sharing his thoughts on the print price of the collection on Twitter. The company said that larger Web2 brands entering the Web3 space should think long-term when publishing NFTs.

“When you start your journey in this space by attracting millions of dollars from the community, you set incredibly high expectations, knock out 99% of market participants, and overvalue your assets before you can prove you can support their valuation,” Krugman said.

NFT artist Pandaone said:

“[Porsche’nin] Its failure is a good reminder that web2 devs must put their egos aside and heed the advice of those who have truly worked in the space if they want to succeed on web3. If not, what’s the point of getting a consultant?”

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