What is a NFT?
A non-fungible token (NFT) is a type of digital asset that represents ownership of a unique item or piece of content, such as a digital artwork or collectible. NFTs are created using blockchain technology, which is a decentralized and secure way of storing and managing data. Each NFT is unique and cannot be replaced by another asset, unlike other types of digital assets like cryptocurrencies. They are typically bought and sold on digital marketplaces using cryptocurrency like Ethereum. NFTs can represent ownership of any digital content, like images, videos, music, and even tweets.
A GLIMPSE ON PORSCHE…
Porsche AG is a German luxury sports car manufacturer founded in 1931 by Ferdinand Porsche. The company is headquartered in Stuttgart, Germany, and is a wholly owned subsidiary of Volkswagen AG. Porsche is known for producing high-performance vehicles, such as the 911, which is one of the most famous sports cars in the world.
NFT ON 911
On January 23 Porsche started to mint their NFT on their famous 911 white model. First unveiled during Art Basel Miami in November 2022 , The Porsche’s NFTs were created by Hamburg based designer and 3D artist Patrick Vogel and his studio Alt/Shift.
Porsche’s deputy chairman and member of the executive board for finance and IT, wrote at the time:”This project is an additional element of our digitalization strategy. We’ve made our commitment for the long haul and our Web3 team has the autonomy to develop innovations in this dimension as well.
Innovation management at Porsche also sees. potential in the purchasing experience, the metaverse and the supply chain. Vehicle and sustainability issues are also being considered.”
A FAILURE END
Amidst its huge expectation of the brand recognition internationally this project was a failure with approximately 2,040 of the 7,500 NFTs available having been sold.On January 24 the German car company tweeted a tweet as ; “Our holders have spoken.
We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours.”it would have ostensibly allowed crypto-savvy auto enthusiasts to “help define Porsche’s future in the virtual world”.Reason for failure… A High price was fixed . Porsche’s announcement that it will sell the NFTs for 0.911 ETH apiece, or around $1,475, had a sharply negative impact on the project.
All the notable collectors criticized this as a high asking price in the market . The mint was also criticized by the crypto community for being “low effort”, “tone deaf”, and a “cash grab”.Thus now the minting has been stopped and new surprises are about to come for the exclusive members who brought the NFT as said by Porsche.