Porsche NFT price suddenly soars days after mint halt: here’s why

• The first-ever Porsche (Cayman S) was sold for 300 BTC back in 2013.
• At press time, Porsche 911 NFT floor price was 2.59 ETH.
• Initially, a total of 7,500 Porsche 911 NFTs were to be minted before the motor company abruptly halted the minting process.

Day after Porsche halted the Porsche 911 NFT minting, the floor price shot up to an all-time high of 2.9 ETH before pulling back to 2.59 ETH, up 52% at press time.

The trading volume of the Porsche NFTs has also gone up by 214% to 1.96K ETH according to data obtained from NFTGO.

Porsche 911 NFTs

Porsche ventured into the NFT space in 2021 by launching an NFT marketplace named Fanzone. The car-making behemoth later announce issuing a series of NFTs planning to have a total of 7,500 NFTs being minted.

However, the NFTs were poorly received by fans forcing the company to halt the mint with only 2,363 NFTs having been minted. And after that, the floor price of the Porsche 911 NFTs shot up by more than four times.

There is no main reason behind the sudden price pump beside the usual demand and supply metrics.

Going by the increased trading volume shows that more people have become interested in NFTs, something that has undoubtedly caused their prices to shoot up as demand increases. At the same time, the supply remains stagnant after the minting halt.

Although it is not clear how far the Porsche 911 NFTs floor price will climb, there are expectations that the price could quickly get above 3 ETH by the end of the week.

The post Porsche NFT price suddenly soars days after mint halt: here’s why appeared first on CoinJournal.

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