Chain Insights - Porsche's Missed Opportunity With NFTs and How WEB2 Brands Can Avoid Oversight

When it comes to exploring new markets beyond the scope of your industry, it is imperative to do your due diligence before releasing a new product. While most brands tend to research their target audience and explore the culture, Porsche was met with harsh criticism for doing the exact opposite. Following their initial debut into the NFT space, "PORSCHΞ 911" was not an instant sell-out in the primary market, as the luxury automakers would have hoped. By only promoting the project through marketing campaigns via Twitter, there was very minimal communication on Discord, which is the epitome of NFT culture in terms of community building and sharing a project's roadmap. The lack of awareness and failure to establish a community led many to believe that this project was just another ‘cash grab' for Web2 companies trying to profit off of the Web3 audience. Porsche's first NFT drop commemorating the carmaker's beloved 911 model, did not seem to promise any deliverables outside of allowing holders to create a personalized, 1 of 1, digital 911 with the designs offering a "combination of unique license plates, different backgrounds, colors, and design elements based on the directions provided".