The Porsche 911 NFT collection, which features 7,500 NFTs of the famous 911 model, was met with initial criticism from the crypto community at its launch on Jan. 24. Priced at 0.911 ETH, the collection received backlash due to the ongoing market recovery from crypto winter and the high price point.
Initial Struggles for Porsche NFT Collection
Despite the criticism, the Porsche 911 NFT collection faced challenges in the early stages of its launch. After its initial launch, roughly 80% of the collection remained unsold and was trading at a lower price point than its mint price on open markets. The floor price sat at around 0.85 ETH, significantly lower than its original price of 0.911 ETH.
Porsche NFTs Make Impressive Comeback
However, the Porsche 911 NFT collection has made a surprising comeback, with its floor price now sitting at approximately 2.5 ETH, a 280% increase from its initial mint price. Data from CoinGecko shows that the floor price and market cap of the collection were up by 26% on Monday, with a market cap of over $9 million in ETH. The Porsche NFTs are now trading at a higher floor price, demonstrating the potential for growth in the NFT market.