Porsche 911 NFT Overview
The Porsche NFT collection is a collaboration between road2dreams and Porsche that marks the German luxury car company’s first step into Web3. The 2,363-piece NFT collection is based on the Porsche 911 and the collection dropped on January 23, 2023 with a mint price of 0.911 ETH.
According to the project’s Discord server, the Porsche NFT “combines Porsche’s historical values and ideologies while allowing holders to participate in long-term Porsche experiences with direct contribution to the Porsche brand”.
The mint was supposed to be broken into four waves, with holders of partner NFTs and Porsche POAPs from "The Gateway" event held at Art Basel Miami Beach 2022 having an increased chance at priority minting. Each wave was first come, first served and separately allowlisted.
The company had to cut short its mint of 7,500 just two days after the public sale started, saying its “holders have spoken,” indicating an apparent lack of demand at the high mint price of 0.911 ETH.
The mint was widely criticized by the crypto community for being “low effort,” “tone deaf” and overpriced.
Phase 1: Minting of 2,363 Porsche 911 NFTs, which gave users access to "a new world of Porsche where the rewards are real and unique to you."
Phase 2: Users will have three paths to choose from, with Performance, Heritage, and Lifestyle as options.
- Performance is inspired by the racing experience of the French endurance-focused sports car race, Le Mans. It is a world driven by pure performance and adrenaline.
- Heritage is a road into Porsche’s iconic past, full of charming details, pristine materials, and bold design statements.
- Lifestyle is a journey full of pleasure, from gorgeous nature and breathtaking art to glamorous night clubs.
Phase 3: Design traits can be unlocked based on user choices, with over 150,000 variations possible. Holders will find it possible to claim a 3D version of their NFT at a later date.
What is the Pioneers Circle?
The Pioneers Circle is an exclusive, token-gated Discord channel for all Porsche NFT holders.
According to an announcement shortly before mint, “a world of co-creation, community, and money-can’t-buy-experiences” will be open to members of the channel.
Return Policy Controversy
Porsche NFT raised some controversy when it was discovered that users were required to check a box stating “I agree to the immediate provision of the contractual service (i.e., receiving the NFT) and I have been informed that I hereby lose the right of withdrawal".
The “Right of Withdrawal” pertains to a law in the UK, EU and other countries that exists to provide customers with a 14 day cancellation period when buying goods or services online, also known as “distance selling”. This would be problematic for sellers who would be required to give a full refund of an NFT whose floor price could potentially go to zero.
There is speculation that Porsche’s legal team saw this as a risk and required users to opt out of their right to withdrawal prior to minting. There has been no legal precedent set for NFTs in this regard yet but many believe that they are covered by this legislation.
Who are the artists?
The artists behind Porsche NFT include Patrick Vogel, VEXX, and Chris Labrooy.
Patrick Vogel’s unique 3D artworks marry the virtual and the physical - with character and emotion, with timeless style.
VEXX is known for his typical street art style, and is a loyal supporter of Porsche’s Web3 journey.
Chris Labrooy is an artist and designer based out of Scotland. He is fascinated with the possibilities of CGI for artistic expression - especially when married with classic cars.