After an outpouring criticism of the German autmobile maker’s Web3 strategy, Porsche’s non-fungible token (NFT) collection’s floor price is racing ahead on the secondary market.
The collection’s floor price has more than doubled from its mint price – shifting gears from the initial launch on Monday, when the secondary market price struggled to meet the mint price, with most of the NFTs trading at a discount shortly after the project crossed the starting line.
Porsche’s initial plan was to sell 7,500 tokens at a floor price of 0.911 ether (ETH), or roughly $1,420. However, NFT Twitter quickly excoriated the collection’s launch, noting large supply and high price as factors in the flop, noting the brand’s lack of understanding of Web3 strategy.
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