How NOT to release an NFT – The Porsche disaster - Episode 349 - by cryptohunt.it

How NOT to release an NFT – The Porsche disaster

Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English.

You know that here at Cryptohunt what interests us most is where new technologies meet everyday life. And especially NFTs are fascinating to watch, because they seem to be the new way that brands build a devoted audience.

But just because you can, doesn't mean you should, especially if you don't know how. So today, let's look at the avoidable disaster that Porsche's NFT rollout created.

So - Porsche decided to step into Nike's footsteps... With the release of it's own NFT. You may remember, Nike had previously released multiple digital, and collectible sneakers of which each had a unique design.

But while Nike spent a ton of time designing things, Porsche had the guts to simply release a $1500 image of the same car and just alter the license plates.

No surprise then: Once launched, nobody wanted those NFTs. Only 20% got sold before Porsche ended the sale. They were so unpopular in fact, that you could immediately get one on the open market for under the issuing price.

And to add insult to injury: Scam sites popped up all over the place, looking like Porsche's NFT site but stealing wallet information. Well, no wonder. Even Porsche itself doesn't make it easy to know what's real and what is not - their own Twitter account for the NFTs is different from the actual company account and uses the strange handle "porsches_eth". Not even the account name looks real, using a strange character for the E in the company name.

And there you have it - our take on Porsche's attempt at tapping into a trend. You can probably tell, but we think they could have thought that one through a touch more - it turned from branding exercise to brand embarrassment.

Keep tuning in to hear more about the intersection of tech and your world.

Every day at 11am CET and 2am PST. We are back here tomorrow.

This podcast is produced by Cryptohunt.it, the easiest place to learn all about Web3.