Written off at launch, Porsche NFTs are now trading at a 280% higher floor price – up by 25% on Monday alone.
The Porsche 911 non-fungible tokens (NFTs) featured the famous 911 model in a collection of 7,500 NFTs. The mint went live on Jan. 24, priced at 0.911 Ethereum (ETH), but received backlash from the community.
The community criticized the price of 0.911 ETH, as the overall Web3 market is trying to recover from crypto winter. A day after the launch, roughly 80% of the inventory remained unsold. The collection was trading at around 0.85 ETH, lower than the mint price on open markets.
However, the floor price has now roared back and currently sits at roughly 2.5 ETH, around 280% higher than the mint price.
What Saved the NFT Project?
According to data from CoinGecko, the floor price and market cap of Porsche 911 were up by 26% on Monday. The market cap of the collection is 6,096.54 ETH, approximately over $9 million.
In an attempt to revive the project, the team stopped minting on Jan. 25. They limited the supply to 2,363 from 7,500. Furthermore, they announced more utilities such as airdrops, abilities to shape the future of Porsche Web3, and customization phases with over 150,000 possibilities for custom designs.
Phase one of the five phases of customization starts on Tuesday. The demand for the collection is surging as the NFTs approach a stage, where the users can choose between performance, heritage, or lifestyle.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.