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Porsche's NFT mint failed so badly, it already has a meme
Web3 is a very different beast. It's all about building communities and shared ownership.
The Metadata
January 25, 2023
GM. A wise man once told us "NFTs are a revolutionary new technology that allows for the creation and ownership of unique digital assets". We tend to believe him. Let's get right into it.
Today we cover:
Today's hottest NFTs: Sewer Passes & Toshis
Porsche's NFT mint failed so badly, it already has a meme
New & Interesting Projects to watch for
Today's Coolest Tweets
Market Update: Sewer Passes & Toshies
It was a pretty quiet day for NFTs. The only collection catching a real bid was the Sewer Pass, with over 2,300 ETH in 24-hour trading volume. Sewer Passes are close to their all-time high price (2.6 ETH now), showing the power of the Yuga Labs brand.
TOSHIES was a newly launched collection by legendary pixelartist Chuckchee. However, the high demand for the mint created a gas war that led to 14,000 failed transactions and wasted gas. Brings back memories of the 2021 gas wars.
Porsche's NFT Mint Failed So Badly There's Already A Meme
💲 What to know: Porche launched its NFT collection this week, focusing on its iconic 911. Each NFT was priced at 0.911 ETH ($1,400).
Unfortunately, the mint did not go as expected. Less than 2,000 NFTs were sold out of the total supply of 7,500.
☘️ In the weeds: Porsche's NFT gives holders "a variety of customization options" as well as specially-selected "money can't buy" experiences. Holders will be able to select from three predefined directional options (Performance, Heritage, Lifestyle), eventually leading to a unique style and rarity for every NFT. Little further details have been released, however.
It's clear that the team working on this was tone-deaf:
#1 When the mint price of 0.911 ETH was announced, there was an uproar over how expensive it was especially in the current market conditions. The team didn't bulge.
#2 Later on, they announced they were going to cut the supply and stop the mint. However, the mint is still open till tomorrow.
Already, people are meme-ing this and someone launched their own NFT called "Poorsche"
fumbled their NFT launch so bad, they are already meme material. Why, yes I had to buy a Poorsche NFT for the culture. only 911, minted out, now avail on OS opensea.io/collection/poo…
— Boomhour (@BoomhourInc)
12:16 AM • Jan 25, 2023
🤑 Why it matters: Porsche is a big and well-known brand. It's heartening to see it experiment with NFTs. However, Web3 is a very different beast from the traditional world. It's all about building communities and shared ownership.
The way the launch was conducted suggests that the Porsche team is still stuck in the corporate mindset — attempting to make a profit on the mint before even building a community and delivering value to it. If all 7,500 NFTs were sold out, it would have netted Porsche a cool $10M. More than enough to fund the development work and team.
Some have suggested that it would have been better for Porsche to do a free (or cheaper) mint first and build up to a more exclusive, limited-edition mint in the future as it establishes its roots in the space. We think this is quite a sensible strategy.
New & Interesting NFT Projects
🍿 (Game) New release by Crypto Raiders team
An OG in the web 3 gaming space is looking to release a new game that they've been working on
@cyber_stadium will be a new game developed by the team at @crypto_raiders
Still very early, but let's take a look
A thread on Cyber Stadium 🧵 👇
— itzBolt.eth (@itzBoltNFT)
11:54 PM • Jan 23, 2023
🍿 (Collectibles) Free mint for End of Sartoshi holders
end of sartoshi updates:
eos holders will be eligible for free claims to limited-supply releases by great cryptoartists (starting feb)
all 16,999 eos tokens will be entitled to a free mint of a 20k pfp project by a team with a great pixel artist
more snapshots soon
— sartoshi_rip (@sartoshi_rip)
6:06 PM • Jan 24, 2023
🍿 (Fashion) WHOLELAND waitlist is open
The waitlist for Phase 1 of #WHOLELAND is open!!
The XXories collection is your key 🔑 to access WHOLELAND and begin your journey of self discovery.
It’s about to be a wild ride.
😈⛓️ Join the waitlist ⛓️😈
↳ : thefabricant.com/wholeland
@flow_blockchain@nftnow— The Fabricant - Waitlist Open (@thefabricant)
2:34 PM • Nov 24, 2022
🍿 Texturepunx is weird
Since a lot of people still don't understand how @texturepunx works I made this shitty video in imovie to show you, even though I have the world's worst headache and you should already know by now.
— Texture, PhD (@iamtexture)
6:57 PM • Jul 21, 2022
Today's Coolest Tweets
🐥 Working with Fortune500 companies on NFTs
I've worked with large (Fortune 500) corporations on NFT launches.
Its hard. Groups like Porsche don't listen to their advisors or community developers, they trust their internal marketing teams, and they have their eyes on the bottom line.
how do you change their minds? 1/
— Coop⚡️(⛳️,🏆) (@CoopNFT)
6:35 PM • Jan 24, 2023
🐥 Art Blocks partners with Bright Moments
🚨We have exciting news… We are thrilled to announce our partnership with our friends at @brtmoments. Want to find out more? Read on:
— Art Blocks (@artblocks_io)
8:11 PM • Jan 24, 2023
🐥 3rd Art Blocks Marfa weekend announced
🚨 BREAKING NEWS: The third annual Art Blocks Marfa weekend will take place September 21–24, 2023!
— Art Blocks (@artblocks_io)
10:04 PM • Jan 23, 2023
🐥 Should NFT metadata be on-chain or off-chain?
NFT metadata: onchain or offchain?
a decent compromise is IPFS pinning followed by revoking admin privileges
but what if it's not a static PFP collection, and people can constantly mint/burn?
immutable attributes + centralized image serving seems like a more promising avenue
— foobar (@0xfoobar)
6:44 PM • Jan 24, 2023
🐥 BAYC worth less than 50% of its airdrops
A Bored Ape is now less than 50% of the total value of all the NFTs and coins each BAYC has received since mint.
— NFTstatistics.eth (@punk9059)
6:38 PM • Jan 24, 2023
That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). And if you aren't already a subscriber, join us now to get all the daily alpha you need.
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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.