It should be noted that many well-known brands are associated with the world of decentralized assets, and some of them are quite unexpected. For example, in February 2022, JPMorgan Bank got involved in the topic of meta-universes – that is, virtual spaces with blockchain-based assets.

It created its own corner in the Decentraland game, making JPMorgan the first bank in the digital world.

While the idea looks like fun, it also drew some negativity, as it seemed insincere and a trivial attempt at a PR stunt. Why? The fact is that JPMorgan CEO James Dimon not only dislikes Bitcoin-type cryptocurrencies, but also doesn’t understand the basics of decentralized finance.

JPMorgan chief executive Jamie Dimon

In particular, last week, Dimon questioned whether bitcoins would be in circulation for no more than 21 million units. According to him, such details are not guaranteed by anyone, well Satoshi will supposedly be able to change that feature.


Accordingly, James doesn't know that the last BTC will be mined around 2140, and at the same time he's not aware of the cryptocurrency's rules in its code. So JPMorgan's idea with meta-universes also raises questions.


What’s wrong with Porsche’s NFT collection

Porsche created a separate account for cryptocurrency activity on 20 November 2022, which is at the height of the bear market. As such, the company had the chance to be a successful example of a successful campaign against a backdrop of not-so-best industry conditions.

Porsche’s first tweet of the cryptocurrency account

Initially, the company’s plan seemed curious. Porsche employees were planning to hold two NFT events in conjunction with nft now in Miami and Taiwan. Participants in the events were promised matching tokens that would guarantee them the right to smith an NFT from the company’s future collection.

NFT buyers from certain Porsche partners, who work in the Web3 direction with the company, could also end up in the so-called white list. The idea came as a surprise, as normally companies don’t promote other projects before launching their own.

Here is the distribution of tokens in waves. To guarantee new NFTs, you had to register on the platform, participate in Porsche events and also buy partner tokens.

Terms and conditions for participating in the minting of the new Porsche NFT collection

The collection was announced on Saturday 21 January. The company promised more than 150,000 possible combinations of images of the iconic Porsche 911 model, Decrypt reports.

Screenshot of the NFT-collection Porsche video presentation

The project roadmap promised participants participation in exclusive events, airdrops and special merchandise. This is a traditional scheme of work for the creators of NFT.

Roadmap for the development of the Porsche NFT collection

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By the way, the community turned out to be quite responsive to the initiative. Before the launch of the collection, more than 45,000 people subscribed to the Porsche crypto account.

Number of followers on Porsche’s cryptocurrency Twitter account before the launch of the NFT collection

However, that’s where the positive news ends. At the same time, the company announced the cost of the NFT minitng, which was 0.911 ETH, or the equivalent of $1,400 at today’s exchange rate. Moreover, the company planned to create 7500 NFTs in total, so its potential earnings exceeded $10 million.


It should be noted that it is not customary to set such a high price for minting in the community. For example, even the legendary Bored Ape Yacht Club collection was released for just 0.08 ETH. So the logic is to engage the community and make something big out of the project, not just make money from the fans of the brand.

Besides, what exactly was the company supposed to get at least a million dollars for? As the blockchain community points out, Porsche has done little to promote the world of Web3 and digital assets. All the company has done is create a separate account, but that's clearly not enough.


Representatives of the NFT collection “Porsche 911” on the OpenSea platform

Naturally, getting people to spend $1,500 on NFT in the midst of a bearish trend is no easy task. That’s why the minting has failed. Out of a total of 7,500 NFTs, users have created 2,342 units of non-interchangeable tokens as of today. In other words, Porsche got $3.2 million in cryptocurrency even on the failed launch.

Details of Porsche’s NFT collection on the OpenSea platform


Note that the minimum value of a collection representative is 0.925 ETH. Considering the minuting price of 0.911 ETH, this means that someone is willing to go to zero on this investment, at least recouping the cost of the blockchain transactions and the total investment.


Users noted that the main reason for the collapse of the collection was too high a price, which scared away the audience and made investors question the motives of company representatives. NFT fans agreed that the company at least should have lowered the price of the minting to 0.0911 ETH or about $140. That said, the total supply of tokens could have even been increased.


We should note that the prospect of failure due to such a high minting price was quite obvious, because such a practice is not practiced in the NFT community in principle. Accordingly, the company hardly consulted with experienced players in the niche and simply went ahead.


Has the car manufacturing giant reacted to what is happening? Yes, last night it promised to reduce its NFT token offer. And it was all presented as a community wish rather than a failed launch.

Porsche’s decision to reduce NFT tokens

Well, the mincing itself was officially shut down this afternoon. Accordingly, the company essentially agreed to a $3 million profit, after which it invited NFT holders to the Discord channel.

Porsche’s tweet about the end of the NFT collection mincing


In the end, it could be argued that the company didn't particularly prepare for the launch and didn't consider the practice of such events in the blockchain community. As a result, Porsche only sold out a third of the planned number of NFTs, which can hardly be called a success. Be that as it may, it's up to the company's representatives now. Will they be able to provide convincing benefits to token holders and justify the high price of the connection with the project? Time will tell.


More interesting is in our millionaires cryptochat. We talk about other important news there as well.