Porsche NFT, anyone?

[cd77]

After a few weeks a short update…
I talked with @Edward a few times by email and now he also owns a Porsche NFT!
Some customization steps happened to diversify the at first bland and white 911s further. And we are by far not done here!
And the first IRL events opened registration happened as well as the first event in LA also took place. The people there must have had an amazing time!
I now happened to squeeze into the crowd of 20 participants for a three-day event in Tokyo through the waiting list. Again all expenses paid by Porsche except for my flight.
And to me the best thing about this project are not the actual IRL event activities but getting to know the other like-minded people who you would otherwise never meet!!

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[Edward]

I will attest to @cd77 's comments about this Porsche NFT project being about building a community for like-minded tech-forward Porsche enthusiasts! It has nothing to do with cryptocurrency scams. To use another metaphor, NFTs are closer to Pokemon cards or baseball cards -- a digital collectible. Except this one confers benefits like getting to attend private events like the one at PEC Tokyo that @cd77 will be attending later this month. (PEC track experience, hotel, meals, and ground transportation paid for by Porsche.)

 

[cd77]

So, after having returned from the IRL event in Tokyo I have to say it was totally worth the long trip and one of the most exciting experiences I ever had…
Attached is a recap reel created by a professional content creator that accompanied us the whole time…
Next up is participation in a similar event at Porsche NA HQ in Atlanta in a bit more than two weeks, and together with @Edward !!

 

[stonecold926]

this reel is created by a "professional" content creator?????

Hope you didn't pay for the service.

 

[cd77]

this reel is created by a "professional" content creator?????

Hope you didn't pay for the service.

No, Porsche paid.

 

[daveo4EV]

YES, NFT’S ARE A SCAM ★
DappGambl:

Data from the Block reveals a weekly traded value of around $80 million in July 2023, just 3% of its peak back in August 2021. So what happened? NFTs had a bull run then crashed. Hard. We now find ourselves in the midst of a bear market for NFTs, with numerous projects now struggling to find buyers following a pessimistic market outlook on their future value. [...]
Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH).
This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people whose investments are now worthless.

Shocker.

(Via Kevin Drum, who quips: “We all like to think we’ve gotten smarter over the years, but at least the tulip bubble folks ended up with some pretty flowers.”)

 

[whitex]

Porsche is late to the hype game. If you're going to start your own pyramid, don't wait until the supply of gullible people is exhausted. See some numbers in this article below:
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles may now be worthless.

Can you make money on NFT, sure, you can win the lottery too, but it doesn't make the lottery a good investment. The way I see it, making money speculating NFT, crypto, or buying a lottery ticket is a "bad decision with a good outcome".

 

[snstevens]

it's all a SCAM - it's not lazy - there are no legitimate uses for Crypto - and the only characteristic of Crypto that is attractive is that it avoids internation/national money laundering laws.

I actually know quite a bit about Crypto - and it's 100% a scam

https://www.fool.com/the-ascent/cry...ptocurrency-should-die-in-a-fire-is-he-right/

https://web3isgoinggreat.com/

anything you can do with Crypto you can do some other way easily and using far fewer resources (crypto burns the equivalent of small countries worth of electricity to do it's thing) - it SOLVES _NO PROBLEMS_ other than avoiding money laundering laws and legal obstacles…there is nothing you can do with crypto that you haven't been able to do for decades via existing banking mechanisms.

it is a technical monstrosity and meets the very definition of a ponzi scheme - NFT's were invented to have something "to do with your crypto" - but again NFT's don't accomplish anything you couldn't already do (but an NFT requires crypto to obtain the NFT)…so that creates a market for crypto.

Porsche sullying it's name with Crypto will not go well for it…

every "problem" Crypto solves it already solves with cheaper and existing mechanisms that don't consume mega-watts of compute power and are reliable and less impactful on the environment.

I agree, and encourage everyone who has doubts to read the link to Web3 is Going Great that @daveo4EV posted. Every week/day someone is ripping off someone else. I've bookmarked this and checked it out for the past year and I'm astounded that anyone is still supporting crypto.

I read an essay about Molly White, author of this website, and she is very impressive. Also, check out this article from her Web3 blog on 9/15 about how Mark Cuban lost $870k.

 

[Archimedes]

Porsche’s NFT just sounds like a marketing program, where they get people to cover part of the cost of the program.

Oh and…

 

[Edward]

It is a marketing program and also a means for new customer acquisition. Building brand awareness and staying relevant to younger, non-traditional demographics is important for Porsche. Porsche Macan customers have a median household income of $440K. And that's the entry level to the Porsche range:

Which means they need to figure out how to get brand awareness and attention from those not yet earning $440K/year. China is a unique case where half of buyers are female, and the average age is 35. No where else in the world does Porsche have this, and the addressable market of 40-50 something year old upper-income males is not growing.

How is Porsche branching out? You can invest in P911.DE shares, participate in Porsche eSports, or own a "virtual" Porsche 911 NFT. Sure, there are lots and lots of scams in the crypto & web3 world, but I do not believe the folks in Stuttgart set out to "scam" anyone. Mercedes is the next automaker to get into the web3 NFT collectible space, and I don't think it's intended to be a "scam" either. Most web3 scams involve giving people hopes about making a quick buck; I look at this as a (admittedly) expensive club membership.

Porsche Newsroom just ran a story on the Porsche NFT yesterday:
https://www.porsche.com/stories/dreams/father-son-porsche-and-nfts

As Porsche NFT holders, @cd77 and I were invited by Porsche to spend two days at PEC Atlanta (along with 18 other NFT holders) this past May. The PEC experience, meals, ground transportation, and hotel stay (at the W Hotel in downtown Atlanta) were paid for by Porsche. The experience was awesome.

Net-net, this NFT isn't a JPG of some stupid monkey.

 

[snstevens]

It is a marketing program and also a means for new customer acquisition. Building brand awareness and staying relevant to younger, non-traditional demographics is important for Porsche. Porsche Macan customers have a median household income of $440K. And that's the entry level to the Porsche range:

Which means they need to figure out how to get brand awareness and attention from those not yet earning $440K/year. China is a unique case where half of buyers are female, and the average age is 35. No where else in the world does Porsche have this, and the addressable market of 40-50 something year old upper-income males is not growing.

How is Porsche branching out? You can invest in P911.DE shares, participate in Porsche eSports, or own a "virtual" Porsche 911 NFT. Sure, there are lots and lots of scams in the crypto & web3 world, but I do not believe the folks in Stuttgart set out to "scam" anyone. Mercedes is the next automaker to get into the web3 NFT collectible space, and I don't think it's intended to be a "scam" either. Most web3 scams involve giving people hopes about making a quick buck; I look at this as a (admittedly) expensive club membership.

Porsche Newsroom just ran a story on the Porsche NFT yesterday:
https://www.porsche.com/stories/dreams/father-son-porsche-and-nfts

As Porsche NFT holders, @cd77 and I were invited by Porsche to spend two days at PEC Atlanta (along with 18 other NFT holders) this past May. The PEC experience, meals, ground transportation, and hotel stay (at the W Hotel in downtown Atlanta) were paid for by Porsche. The experience was awesome.

Net-net, this NFT isn't a JPG of some stupid monkey.

I don't disagree that Porsche needs to broaden its customer base, and appeal to a younger demographic. However, the marketing team are clearly idiots. If they understood more than the crypto hype (remember the "Fortune Favors the Brave" ad with Matt Damon anyone?), they wouldn't want the Porsche brand to have anything to do with it. Those Porsche NFTs will be worthless soon enough, and how's that going to play?

So back to the objective -- Isn't there some other way to broaden the demographics of the Porsche customer base? Strangely, the use of a 911 in the latest Transformer movie was a better move. I'm sure as hell not a Marketing guy, but I know that Subaru made a ton of money by putting the WRX in a video game. Why not do the same with a 718 Caman S, or GT4RS? (my point is there are other options than crypto).

 

[Archimedes]

It is a marketing program and also a means for new customer acquisition. Building brand awareness and staying relevant to younger, non-traditional demographics is important for Porsche. Porsche Macan customers have a median household income of $440K. And that's the entry level to the Porsche range:

Which means they need to figure out how to get brand awareness and attention from those not yet earning $440K/year. China is a unique case where half of buyers are female, and the average age is 35. No where else in the world does Porsche have this, and the addressable market of 40-50 something year old upper-income males is not growing.

How is Porsche branching out? You can invest in P911.DE shares, participate in Porsche eSports, or own a "virtual" Porsche 911 NFT. Sure, there are lots and lots of scams in the crypto & web3 world, but I do not believe the folks in Stuttgart set out to "scam" anyone. Mercedes is the next automaker to get into the web3 NFT collectible space, and I don't think it's intended to be a "scam" either. Most web3 scams involve giving people hopes about making a quick buck; I look at this as a (admittedly) expensive club membership.

Porsche Newsroom just ran a story on the Porsche NFT yesterday:
https://www.porsche.com/stories/dreams/father-son-porsche-and-nfts

As Porsche NFT holders, @cd77 and I were invited by Porsche to spend two days at PEC Atlanta (along with 18 other NFT holders) this past May. The PEC experience, meals, ground transportation, and hotel stay (at the W Hotel in downtown Atlanta) were paid for by Porsche. The experience was awesome.

Net-net, this NFT isn't a JPG of some stupid monkey.

Are you with Porsche corporate or one of the regional entities?

 

[Edward]

Are you with Porsche corporate or one of the regional entities?

None of the above. I'm a multiple Porsche car owner and part of the leadership in a PCA regional chapter. But not on Porsche AG or PCNA's payroll!

 

[Archimedes]

None of the above. I'm a multiple Porsche car owner and part of the leadership in a PCA regional chapter. But not on Porsche AG or PCNA's payroll!

Well, indirectly you are. They effectively paid you by giving you a discount on certain travel and experience services and in return you’re basically developing and publishing marketing content for them.

NFTs as art are basically worthless. It was obvious to some from the start.

 

[Edward]

I don't disagree that Porsche needs to broaden its customer base, and appeal to a younger demographic. However, the marketing team are clearly idiots. If they understood more than the crypto hype (remember the "Fortune Favors the Brave" ad with Matt Damon anyone?), they wouldn't want the Porsche brand to have anything to do with it. Those Porsche NFTs will be worthless soon enough, and how's that going to play?

So back to the objective -- Isn't there some other way to broaden the demographics of the Porsche customer base? Strangely, the use of a 911 in the latest Transformer movie was a better move. I'm sure as hell not a Marketing guy, but I know that Subaru made a ton of money by putting the WRX in a video game. Why not do the same with a 718 Caman S, or GT4RS? (my point is there are other options than crypto).

Re: NFTs and worth, P911.DE stock is down 17% in the last 6 months, and no one is claiming that's a scam or that Porsche (as a company) is worthless. If you look at holding Porsche shares or a Porsche NFT as an "entrance ticket" to shareholder meetings or NFT holder events, there's still value regardless of the share / token price, respectively.

Another example of NFT holder utility -- complimentary admission into VIP hospitality at Rennsport Reunion 7 next week. I'm (unfortunately) not going to RR7, but if I were, this would have been a nice perk!

Re: video games, I'm in agreement! Porsche only started licensing its models to Gran Turismo in 2017. So that's one angle. But as you know from business, there are diverse pathways to reaching the same goal. So besides video games, how do you create aspiration among women, Gen Z, "digital natives", etc? If Porsche stuck to its 1963 playbook and kept making only air-cooled 911s, this forum would not exist.

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