1MIL is a Web3 NFT platform. We have been in this niche for many years and each time we dive deeper and get to know it better. How it develops, and what trends and needs of the community are important to us. And we are close to starting a new wave of the 1MIL project with a new vision and mission. Be on the lookout and follow the 1MIL feed so you don’t miss out because we are preparing a lot of updates for you. In the meantime, let’s explore how Web2 brands are diving into the Web3 world and how they are doing it.
The entry of big corporations and celebrated personalities into the NFT space isn’t something new. Companies like Adidas and Nike are already deep into NFTs and are exploring potential use cases in the Metaverse. In addition, celebrities like Edward Snowden, Paris Hamilton, and Madonna have also had relatively successful endeavors with NFTs, with sales that garner as high as $1 million for rare collections.
The latest mainstream entrants into the NFT arena are luxury car maker Porsche and former US president, who doubles as a celebrated business magnate — Donald Trump. While both of these new players have the attention of mainstream consumers, their NFT experiences turned out differently. This article explores the latest news around Porsche NFTs and Donald Trump’s collection. Keep reading to learn what unites and differentiates these two projects and how the same impacts the bigger NFT industry.
Porsche 911 NFT Collection
Porsche first announced its 911 NFT collection late last year and designated Hamburg designer and 3D artist Patrick Vogel to create the 7,500 pieces in Unreal Engine 5. This is just one of the many initiatives by the car manufacturer to integrate blockchain and associated technologies with customers’ experiences. The project promised Porsche NFT holders the freedom to influence the aesthetic journey of their collection — possible “route” options include Performance, Lifestyle, or Heritage.
However, this was just the optimistic side of the collection. The project flopped hardly two days into minting, forcing the brand to call it off. Only 16% of the total collection was minted by the end of the first day. Moreover, Twitter users started campaigning against the collection, noting that the mint price wasn’t only unnecessarily high, but the sales strategy didn’t also align with Web3 ethos.
In the long haul, the collection’s price at secondary marketplaces fell below the mint price of 0.911 ETH. For instance, the floor price was 0.89 ETH in notable NFT marketplaces, meaning the collection sold at $50 cheaper.
Donald Trump NFT Collection
Former US President Donald Trump launched his digital Trading Card NFT collection on 16th December 2022 via Truth Social Network. The 45,000 art pieces depict Trump’s personal and political life experiences as a cowboy, astronaut, among other professions. Holders entered a “sweepstakes” prize program. Other use cases include exclusive opportunities to have free drinks at Mar-a-Lago, one-on-one zoom calls with the former President, or an exclusive golfing experience at one of Trump resorts.
Data insights from various sources indicate that Trump’s digital trading card collection became a success right from the official launch, given that it sold out a day after release. OpenSea notes that the collection garnered a 24-hour trading volume at a floor price of 0.19 ETH, which is almost double the mint price. Moreover, the rarer pieces in the one-of-ones limited edition are selling for as high as 6 ETH.
The success of Donald Trump’s NFT collection has even seen the project set up a Gnosis Safe Multisignature wallet for collecting royalties accrued on secondary marketplace sales. The wallet also holds 1,000 NFTs, a majority of them being part of the one-of-ones limited collection. Nonetheless, some users were still quick to dismiss the collection as a scam.
Comparing the Two NFT Collections — What Sets Them Apart?
Both the Trump Digital Trading Card and 911 NFT collections are projects backed by big names, with conceivably greater influence over large target audiences. In other words, they both targeted a specific community of users that resonated with their offerings. However, despite these similarities, the collections performed differently, shading light onto what corporates and celebrated personalities go against when venturing into the nascent NFT space.
That said, here is what sets the two projects apart:
Donald Trump branded his collection as a medium for connecting with his fans directly and a foundational tool for one-on-one interactions. Porsche 911 collection, on the other hand, branded itself as a medium for future car designs freedom. Well, users resonated well with the first branding message.
The biggest value of NFTs is in their rarity and intrinsic perception. However, the average end-user wants direct benefits in terms of rewards, especially if they are going to believe in future use cases. Trump’s collection came with the “sweepstakes” reward program.
The Trump Digital Trading Card collection offers an exclusive pass for unique offline experiences with the former President, unlike the 911 collection, which doesn’t connect the virtual and real worlds in a fun way. Moreover, the former’s approach assures buyers that they are buying genuine NFT collections from a genuine creator.
The Bottom Line
Tech giants and global conglomerates are obviously disappointed about joining the NFT hype train and failing to leverage the ideologies behind this concept accurately. However, from these two collections, one thing is evident — NFTs can only be successful if they have full community backing. You get the community behind your project by setting reasonable mint prices, offering direct benefits, and providing meaningful use cases in the future. The 1MIL team is actively working to ensure that the project combines everything necessary for the community. Follow our updates so that you don’t miss the exiting news about the new history of 1MIL very soon.