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Porsche NFT collection falls below floor price: What went wrong?

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Porsche NFT collection falls below floor price: What went wrong?

  • Porsche has made its Web3 debut with a new NFT collection.
  • The collection has been struggling to sell with users on Twitter criticizing the plan.

German auto giant Porsche recently made its Web3 debut with the launch of its first Non-Fungible Token [NFT] collection. The collection comprised 7500 NFTs featuring the popular Porsche 911 sports car with a set mint price of 0.911 Ether [ETH] or $1490 per NFT. 

Floor price falls within hours of mint

The minting of these NFTs was spread out over four waves in the allow list mint. This was followed by a public mint, where buyers could mint up to three of the 911 NFTs. The rollout was divided into three phases, with the first phase currently underway. 

Porsche has not revealed too much about Phase 2, but Phase 3 seemed to be based on rarity. Users will be able to turn their 911 NFT into one of the 150,000+ variations claimed by the official website. The collection was initially expected to be popular among fans of the brand, which had led to considerable anticipation. 

However, within hours of the mint, the sales of the NFTs seemed to slow down. At the time of writing, only 1371 of the 7500 NFTs had been bought, leaving over 82% of the collection unsold. The metrics on the secondary market painted a worse picture for the collection. 

Data from NFT marketplace OpenSea revealed that the selling price of the 911 NFTs had fallen below the mint price of 0.911 ETH. The floor price had initially spiked to as high as three ETH on 23 January but returned to the original mint price at press time. The best offer for the NFT stood at 0.86 wrapped Ether [wETH] ($1410). 

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Crypto Twitter weighs in

Users on Twitter were not too thrilled about a luxury dealer like Porsche trying to make millions of dollars with NFTs amid a bear market. One user pointed out that established brands should team up with Web3 native firms to increase their chances of a successful NFT rollout. 

The Porsche mint is a perfect example of why even the most established brands need to partner with Web3 natives to enter the space in a real way.

— 0://wilder.frank (@realfrankwilder) January 23, 2023

Other users criticized the lack of an active Discord community for the 911 NFTs. For the uninitiated, Discord communities are a big part of the NFT scene. 

So collection of 7500 assets with no active Discord community which is your main web3 customer funnel shows they don’t know the market. If they had the right advisors onboard they would understand the right level of engagement and activity levels to hit before attempting a mint.

— XP (@XpTheVerse) January 23, 2023

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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7-day NFT sales

$1.7 Billion In NFT Sales Fueled By Otherdeed Trades — NFT Volume Jumps 74% Higher Than Last Week

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$1.7 Billion In NFT Sales Fueled By Otherdeed Trades — NFT Volume Jumps 74% Higher Than Last Week

With the help of the Bored Ape Yacht Club’s Otherside land sale, non-fungible token (NFT) sales have increased a great deal this week. NFT sales increased 74.77% during the last seven days, capturing $1.71 billion in sales volume among 266,918 traders.

7-Day NFT Sales Volume Jumps 74% to $1.71 Billion, Otherdeed NFT Collection Captures $787 Million in Global Sales

NFTs have done well this week as far as sales are concerned, and across 1,075,588 transactions during the last seven days, $1.71 billion in sales volume has been recorded. The sales volume is 74.77% higher than the $981 million in NFT sales recorded last week.

7-day NFT sales on May 6, 2022. Stats from cryptoslam.io NFT analytics.

The $1.71 billion stemmed from 16 different blockchain networks, and Ethereum saw an 86.30% increase in ETH-based NFT sales this week. NFT sales that derived from the Polygon blockchain jumped 87.66% higher than the week prior as well. Fantom-based NFTs also saw a notable double-digit week-long percentage increase of around 52.47%.

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Some of the most expensive NFT sales this week were sold for prices between $852.5K and $1.12 million. The top NFT collectible sale during the last seven days was Bored Ape 17, which sold for 410 ether or $1.12 million. The second most expensive NFT sale this week was Bored Ape 2980, which sold for 381 ether or just over $1 million.

The top two most expensive NFT sales this week. Stats stem from cryptoslam.io NFT analytics.

The next three that followed the two Bored Ape Yacht Club (BAYC) sales were all Otherside deeds. Otherdeed 33 sold for 333.33 ether or $979K, Otherdeed 24 sold for 333 ether or $952K, and Otherdeed 9 sold for 300 ether or $852.5K.

The top five NFT collections in terms of sales volume this week. Stats from cryptoslam.io NFT analytics.

The Otherdeed NFT collection sales took the top position this week as far as the top sales volume is concerned. 16,384 Otherdeed NFT buyers spent $787.55 million across 30,752 transactions. The second position was held by BAYC which captured $153.7 million in seven-day sales, up 94.93% since last week.

Mutant Ape Yacht Club (MAYC) saw a 39.41% increase this past week with $126.4 million in global sales. The NFT collection Beanz took the fourth spot, jumping 388.31% and capturing $69.59 million in sales volume. The fifth most prominent in terms of seven-day sales was Doodles, which increased 222.34% since last week to this week’s $43.1 million in sales.

BAYC still has the most expensive floor value out of all the NFT collections today, with its 104.8 ETH floor value. BAYC is followed by Proof Collective (94.1 ETH), Cryptopunks (60.95 ETH), Bored Ape Chemistry Club (47.49 ETH), and Moonbirds (26.0 ETH).

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All of the top five NFT collection floor values have dropped 8 to 16.1% since last week. The only NFT collection that saw a seven-day floor price increase last week was Doodles, jumping 3.1% higher to 22.77 ETH.

Tags in this story

7-day NFT sales, Beanz, Bored Ape Yacht Club, cryptopunks, cryptoslam.io, Doodles, Ethereum, floor price, MAYC, Moonbirds, Mutant Ape Yacht Club, nft, NFT collection, NFT collections, NFT sales, NFT sales volume, NFT weekly sales, NFTs, Non-fungible Token, Otherdeeds, Otherside Land Sale, sales, Sales Volume

What do you think about this week’s NFT sales increasing 74.77% higher than last week’s sales? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$945.2 million in sales

NFT Trade Volume Jumped 23% Higher This Week Capturing Close To $1 Billion In Sales

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NFT Trade Volume Jumped 23% Higher This Week Capturing Close To $1 Billion In Sales

Non-fungible token (NFT) sales have increased by 23.56% over the last week, as $945.2 million in sales were recorded across 15 different blockchains during the last seven days. NFT sales stemming from Ethereum jumped 29.16% in seven days, gathering $863.2 million in sales or 91.32% of the $945.2 million in sales. One particular NFT collection called Moonbirds has bolstered most of this week’s NFT sales volume.

NFT Sales Spike This Week, Volume Fueled by Moonbirds Sales

Following last week’s slight uptick in NFT sales, which increased 3.35% and gathered $658.4 million in sales in seven days, this week’s NFT sales action improved a great deal. On Monday, April 25, cryptoslam.io’s seven day metrics indicate that there’s been $945.2 million in sales recorded. The overall sales derive from 15 different blockchains and while Ethereum sales were the most dominant, Binance Smart Chain (BSC) NFT sales jumped 39.95% and Fantom’s sales volumes jumped 31.05% this week.

The top ten NFT collections by seven day sales on April 25, 2022.

The project that has helped NFT sales this week is Moonbirds, even though seven day Moonbirds statistics indicate the collection’s sales are down 40.58% from the week prior. This past week’s sales saw approximately $165,080,212 in Moonbirds sales among 1,309 buyers and 1,821 transactions. One particular Moonbirds sale, Moonbirds #2642, sold for 350 ether or more than $1 million at the time of settlement, which took place 24 hours ago on Opensea. Moreover, two more Moonbirds that were sold this past week came awfully close to the $1 million range.

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Today, Bored Ape Yacht Club (BAYC) NFTs have a floor value of 139 ether or $402K. Moonbirds floor value is currently around 33.5 ether, which is down 14% lower than last week. NFT market prices and crypto and fiat values in this report are based on the current ethereum (ETH) exchange rate and settlement prices recorded on April 25, 2022.

Moonbirds #3904 sold for 305 ether or $902K, and Moonbirds #5602 sold for 299 ether or $885K. In fact, 11 out of the 25 most expensive NFTs sold this week were Moonbirds NFT sales. Meanwhile, Mutant Ape Yacht Club (MAYC) has had a very good week, as the collection’s sales increased by 267.20% in seven days. MAYC saw 787 buyers across 1,083 transactions and approximately $104,446,603 in sales volume. Furthermore, Bored Ape Yacht Club (BAYC) also had a decent seven day run of sales, with a 231.31% increase since last week.

BAYC captured $74,259,390 in sales between 163 buyers and 233 transactions. Other notable NFT collections that saw seven day increases in sales include Murakamiflowers Seed, RTFKT MNLTH, Bored Ape Kennel Club (BAKC), Beanz, Clonex, Veefriends Series 2, and Cryptopunks. BAKC saw a whopping 764.95% weekly sales increase by capturing just over $32 million in sales. This week, BAYC currently holds the most expensive floor price at 139 ether, which is followed by Proof Collective NFTs which have a floor value of 118.5 ether.

Tags in this story

$945.2 million in sales, 7-day NFT sales, Beanz, Bored Ape Yacht Club, Bored Ape Yacht Club (BAYC), BSC, Clonex, cryptopunks, cryptoslam.io, Ethereum, floor price, MAYC, MOAR, Moonbirds, Mutant Ape Yacht Club, nft, NFT collection, NFT collections, NFT compilation, NFT sales, NFT sales volume, NFT weekly sales, NFTs, Non-fungible Token, Proof Collective NFTs, sales, Sales Volume

What do you think about the week’s NFT sales action? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$364.83 million

Moonbirds NFT Sales Skyrocket Capturing $364 Million In 5 Days

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Moonbirds NFT Sales Skyrocket Capturing $364 Million In 5 Days

A non-fungible token (NFT) collection called Moonbirds has been a topical conversation within the NFT community as the compilation’s sales have been enormous. The Moonbirds NFT project started selling five days ago on April 16, and since then statistics show the collection has seen $364.83 million in sales.

Moonbirds NFT Collection Takes the Top Spot This Week

This week a new NFT collection called Moonbirds has surpassed the likes of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Cryptopunks sales. Traders only started swapping the 10,000 Moonbirds NFTs five days ago and since then it has captured $364.83 million in sales volume.

Moonbirds is currently the top NFT collection this week in terms of overall sales above dozens of unique collections. In fact, Moonbirds sales represent approximately 37.85% of the $963.8 million in total NFT sales recorded during the last week.

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Moonbirds have been popular because the collection is backed by Proof Collective, a group of well known NFT collectors. Members include the investor Gary Vaynerchuk and the popular NFT artist known as Beeple.

Proof Collective’s website notes that it is a “private members-only collective of 1,000 dedicated NFT collectors and artists.” In order to join Proof Collective, the membership fee has a floor price of around 108 ethereum (ETH). Proof Collective was crafted by Justin Mezell, Kevin Rose, and Ryan Carson.

After the Moonbirds public mint finished, the NFT collection has seen a significant number of sales as it held the largest sales volume on Opensea this past week. Out of 14,723 transactions, Moonbirds has seen 11,170 buyers in the last five days. Moonbirds are not cheap as three of them made it into this week’s top five most expensive NFT sales.

Stats from cryptoslam.io indicates that Moonbird #2819 sold for 182.44 ether or $562K about 18 hours ago. Moonbird #1210 sold for the same exact price and Moonbird #8249 sold for 175 ether or $547K about six hours before this article was written. Metrics show Moonbirds has approximately 6,512 owners at the time of writing. The pixelated bird collection’s floor value is also up 61.1% during the last 24 hours jumping to 33 ether.

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Over the last day, Moonbirds NFTs have seen 15,711.94 ether or $48.1 million in 24-hour trade volume. The 10,000 individual Moonbirds collectively have a market capitalization of around 330,000 ether or just over $1 billion in USD value.

Tags in this story

$364.83 million, Beeple, floor price, Gary Vaynerchuk, Justin Mezell, Kevin Rose, Market Sales, Members only, Moonbird #1210, Moonbird #2819, Moonbird #8249, Moonbirds, Moonbirds NFT sales, Moonbirds NFTs, nft, NFT collection, NFT sales, NFT Value, NFTs, Proof Collective, Ryan Carson, sales

What do you think about the Moonbirds NFT collection and the record sales it has seen? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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