Despite minting woes and lots of user complaints, the trading volume of non-fungible tokens (NFT) from the German car manufacturer Porsche’s collection surpassed 3,000 ETH.

Porsche’s NFT Trading Volume Exceeds $5M Amid FOMO

According to NFTScan, the trading volume of the PORSCHΞ 911 NFT collection was 3,153.66 ETH (~$5.05 million) at 10:00 a.m. (GMT+2) on January 27, 2023. The average minimum price of an NFT from the collection is 2.3 ETH (~$3,680), up 15% in the last 24 hours.

The launch of the collection was announced in late November 2022. The art component was created in collaboration with Hamburg-based 3D artist and designer Patrick Vogel. Originally, PORSCHΞ 911 was planned to have 7,500 unique tokens, but the company halted the minting on December 25. As a result, the supply was reduced threefold to 2,363 tokens.

The manufacturer’s official Twitter account says the token minting was suspended to create “the best experience for an exclusive community.” However, the community believed Porsche’s NFT was overpriced at the time of release, which was 0.911 ETH (~$1,450). Most users considered this price to be excessive for an asset that actually had no value to holders. 

Instead of lowering the minting price, as NFT collectors had expected, on December 24, the company announced that the minting would be suspended and those wishing to purchase NFTs would be able to do so for a few more hours. This announcement instantly provoked a FOMO effect, and 160 NFTs were sold within an hour of its release. The average value of NFTs from Porsche’s collection rose by 35% in a matter of hours, from 0.86 ETH to 1.16 ETH. 

The next surge in collection holder activity came after the company announced expanded benefits for token owners. The average token price doubled in a few days, and the trading volume exceeded $5 million.

2022 saw an epic decline in the non-fungible token market, but despite last year’s setbacks, analysts predict that the NFT market could grow to $97.6 billion by 2028. Read the op-ed to learn more about the ups and downs of NFTs in 2022.

Author: Nataly Antonenko
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