Porsche’s NFT Launch: A Cautionary Tale for Web2 Brands Heading into Web3
(The Magazine Plus Editorial):- New York City, New York March 04, 2023 (Issuewire.com) – The recent announcement of Porsche’s foray into the NFT world had many excited (including the W3S group), but it appears to the fact that the luxury car brand has stumbled in execution. Despite initially planning to make a run of 7,500 NFTs, they made the decision to pause the launch after only selling just under 2,000. This is understandable given the sensational price point of 0.911th, a number that was a tribute to their most iconic model of the past 50 years, but a significant leap from mint prices set in the current climate. Jonathan Pullinger, managing partner of the W3S Group, explores what went wrong and how established brands can learn from Porsche’s mistakes.
A month after their tumultuous NFT decline, it appears that Porsche’s offering was less of a real opportunity for fans to own a piece of the brand’s history and more of a raffle to win luxury prizes. This strategy may have its place in certain contexts, but it falls short in the NFT world, where authenticity and rarity are valued above all else, especially with such an iconic product as the Unique Selling Proposition (USP) in this case.
More on The Magazine Plus:
Perhaps even more disappointing is Porsche’s failure to nurture a community through their NFT Discord, which at the time of publication is virtually non-existent. We believe this is a crucial missed opportunity to build a community around their brand and engage with potential buyers of their NFTs and real-world offerings. Porsche car owners benefit from owner clubs and an exclusive network formed around the love of these luxury vehicles, and there was no reason why this model could not have been transferred to a digital platform via their NFT holders. And besides, even if it’s not mandatory, without a strong community to support it, any NFT offering is likely to fall flat regardless of the brand it represents.
We also believe that Porsche could have offered lower value experiences to all NFT owners instead of only offering a lucky few the chance to win high value prizes. This could have motivated more people to hold on to their NFTs, creating more value in the long run for both the brand, NFT collectors and fans from Web2.
This cautionary tale highlights the importance of careful planning and execution for Web2 brands looking to enter the NFT space. NFTs are a unique and rapidly evolving market, and brands that fail to research, understand and embrace NFT culture and marketing nuances risk alienating their target audience and missing out on valuable opportunities from Web3 advocates and collectors alike. Porsche’s high coin price was a mistake that could be corrected; however, their lack of attention to community offerings has reduced the chance of this NFT collection becoming a “blue chip”.
W3S Group is a marketing agency specifically designed to help organizations navigate Web3 marketing; for more information, visit
