With the NFT craze that peaked in early 2022, we saw a wide variety of brands jump into the NFT space to take advantage of the frenzy. Car brands joined the party, including luxury brands like Porsche.
Fast forward one year and things are much different following the NFT crash. And now with the emergence of generative AI that can make anyone an artist, you have to wonder if NFT collectibles will ever come back.
Porsche launched their NFTs during Art Basel in Miami in November of 2022. Miami was the center of NFT hype, which isn’t surprising as Miami is always the leader in frivolous trends. That alone should have been a warning sign.
Hamburg-based designer and 3D artist Patrick Vogel designed digital portraits that center around a white Porsche 911. There wasn’t much special about this other than the Porsche brand. This was a common problem with many branded NFT projects.
It probably didn’t matter, as most of the NFT market imploded. Gary V predicted that 99% of NFT projects would go to zero, and it looks like he’ll be right.
The Porsche offering recently crashed just like many others. Porsche has responded with efforts to boost the value, which has helped in the short term. But we’ll see if this project and the overall NFT market stops other luxury brands from moving forward with NFT projects.