Why Porsche’s failed NFT drop is a lesson for brands in Web3

Art direction also posed a problem. Each token’s art is based on an all-white Porsche 911 model, but buyers can influence additional design with the project’s artist in a “collaborative and immersive journey lasting several months.” It’s unlikely many NFT buyers would want to wait several months to see what their NFT looks like. This detail was promoted as the NFTs’ major selling point, but instead it became a major hitch. Moreover, a protracted mint does not bode well for a timely and efficient roadmap.

The last problem is utility, or lack thereof. Porsche’s NFTs advertised nothing concrete in terms of the perks they offered buyers. Instead, the brand relied on simply owning an official piece of digital merchandise as reason enough to buy. In the collection’s original announcement, a Porsche executive said that owners would be able to gain exclusive access to experiences in the virtual and real world, as well as participate in “Porsche’s journey into the world of Web3 and enter into a dialogue with the brand.” None of this really says anything, and consumers could tell right away.

In other words, the project offered “a weak reward with little to no long-term value and a gimmick-like execution,” said Olaye. His advice: A brand must continuously review and adjust its go-to-market strategy in order to fit within the rapidly changing Web3 landscape. 

From the perspective of enthusiasts on social media, the major recommendation is that brands entering Web3 need to partner with Web3-native companies before they launch into the space. Porsche did receive guidance from such an entity, namely, media company NFT Now, which Porsche referenced in its announcement as one of its “strategic business partners.” NFT Now did not immediately respond to a request for comment.