Porsche NFT Price Suddenly Soars Nearly 4x to 2.9 ETH, Here's Reason

Chinese crypto blogger and journalist Colin Wu, who often shares news from the crypto space on his Twitter handle, has written that the NFT collection created by automobile giant Porsche has abruptly jumped after the lack of interest from the community faced by the company just recently.

Porsche NFTs on fire

Wu reported that after issuing a series of non-fungible tokens, 7,500 NFTs are planned to be minted at the price of 0.911 ETH per token. However, the car-making behemoth faced poor interest from fans of this type of digital collectible. The price reacted to that, dropping to 0.87 ETH immediately after.

The company could not but wrap up the mints, with only 1,242 NFTs created by now. However, once this happened, the floor price went up straight away, hitting as much as 2.9 ETH. At the moment, the Porsche 911 NFT collection is ranked first by trading volume in the past 24 hours. The volume itself, as reported by Wu, was 2,050 ETH at the time when his tweet was published.

Due to poor sales, Porsche NFT closed its NFT mint and suddenly its price soared. It currently ranks first in 24-hour trading volume, reaching 2.05K ETH, and the floor price reached 2.9ETH. https://t.co/Lbs9fc1Z3h https://t.co/tw2mbUmHHO

— Wu Blockchain (@WuBlockchain) January 26, 2023

The company stepped into the NFT space back in 2021 by launching a platform for selling non-fungible tokens, dubbed Fanzone.

Porsche becomes exposed to meme crypto

As reported by U.Today previously, a Porsche dealer in the U.S. city of Baltimore, Porsche Towson, became exposed to cryptocurrencies. They opted to add DOGE and Shiba Inu meme tokens as a way to buy cars through a partnership with crypto payments processor BitPay.

BitPay offers a whole range of crypto to be accepted by merchants for payments, so the aforementioned two most popular meme coins are not the only cryptocurrencies that Porsche Towson accepts now. It also accepts Bitcoin and Ethereum for both new and used Porsche automobiles.

The first-ever Porsche (Cayman S) was sold for crypto — 300 BTC — back in 2013, just four years after the mysterious Satoshi Nakamoto launched Bitcoin. The sale was made by a family in Austin, Texas.

These days, it has become much easier to buy an expensive car with crypto as more and more distributors are partnering with crypto payment processors to help them convert crypto to fiat.