Although the price of Porsche NFTs has been falling in recent days, prices have started to rise again.
The German automaker has been the focus of harsh criticism after releasing its NFTs. After the criticism, the floor prices of Porsche NFTs began to rise.
The Base Prices of the Porsche NFT Series Started to Rise
The base price of the Porsche NFT collection has recently increased by twice its original price. It changes from launch where the second market price struggles to meet the exit price, and most NFTs are trading at a lower price shortly after the start of the project.
Porsche’s initial plan was to sell 7,500 NFT at the base price of 0.911 Ethereum (ETH), or approximately $1,420. However, NFT Twitter harshly criticized the launch of the collection, noting the failure of the large supply and high price, as well as the lack of understanding of the brand’s Web3 strategy.
You’ve heard us speak a lot about the exciting journey ahead of us. Let’s make it more concrete and shed some light on what we have planned for you over the next couple of months.
A utility thread 🧵
— PORSCHΞ (@eth_porsche) January 25, 2023
However, Porsche has declared that NFT extraction will be discontinued and will end up with 2,363 NFTs created. It was foreseen that this would allow a supply shock and then an increase in the price.
Modeled after the famous 911 sports car, NFTs are currently trading at a base price of 3.3 ETH, or roughly $5,200, according to data from OpenSea. The total trading volume of the collection is 1,344 ETH, or about $2,120,800.