Porsche's NFT collection fails the stress test
Hello,
In today’s dispatch we have:
Porsche's NFT Dream Takes a Detour:
Arizona lawmakers propose bill to exempt crypto from property taxes
Actor and Filmmaker David Bianchi previews his Web3 series
Let's talk about what happened to Porsche NFTs. The highly anticipated collection of 7,500 virtual iconic 911 models was supposed to be the ultimate collector's dream, but it seems like it took a detour.
The story:
On November 20, Porsche's official website just launched an NFT page and created a Twitter account named eth_porsche.
Porsche displayed the collection in Art Basel Miami on November 29 and announced the huge NFT release: a collection of 7,500 iconic 911 models, each with a unique license plate ranging from 1 to 7,500.
The hype was sky-high! Porsche has brought on Patrick Vogel on board and hinted at future gaming integration as well. They engaged with their community, did their research, and even created a Discord server. Their 45k followers were pumped and ready to go.
Then, what went wrong?
Four mistakes!
First mistake: Some folks say it's "greed," but we'll let you be the judge of that.
The mint price for these NFTs was revealed to be a whopping 0.911 ETH, just three days before launch. The Twitter community wasn't feeling too hot about it.
Second Mistake: Porsche said "our project is your project" but it seems like they didn't really listen to the community's input. Some clever folks suggested that a mint price of 0.0911 ETH (around $145) would have been a lot more reasonable. But Porsche didn't give much of a response to the backlash and kept on truckin' with their original plans.
Porsche hit the NFT mint on Monday morning, pricing each NFT at 0.911 ETH, (like they said) or about $1,490.
Third mistake: did not consider the market conditions!
The company teased a great roadmap for the NFT, including custom designs, rarity levels, and even some real-life events and private airdrops!
But here's the thing, Porsche's high NFT price of $1,490 was too steep for the current market, especially with a high number of NFTs on offer.
After the public mint kicked off, sales slowed down and the NFTs were being resold at lower prices on secondary marketplaces. As of this morning, only about 1,500 of the NFTs had been minted.
And then, Porsche Spoke:
"We're going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours."
But that didn't help in regaining credibility.
Fourth Mistake: Porche NFTs brought nothing to the table except exorbitant mint prices and poor communication regarding the utilities. Maybe they should have focused on bringing in fresh blood instead of relying on the same old web3 folks.
All in all, it was a bit of a miss, which could have been avoided.
Arizona lawmakers propose bill to exempt crypto from property taxes
Looks like Arizona is trying to give crypto enthusiasts something to celebrate, as lawmakers in the state are proposing a bill that would allow residents to vote on whether or not to make virtual currency, specifically tokens that are not "a representation of the United States dollar or a foreign currency," tax-exempt.
In other words, buying and holding onto your Bitcoins, Ethereum, and other digital currencies would no longer be subject to state taxes.
It's a clear indication that the state recognizes the growing importance of cryptocurrency in the modern economy and wants to support its growth.
But let's not get ahead of ourselves. The bill still needs to pass, and there will likely be plenty of debate and discussion before it becomes law. And while it's exciting to think about all the extra money you could save on taxes by holding onto your crypto, it's also worth considering the potential implications of such a law.
Will other states follow Arizona's lead? Will it create an uneven playing field for businesses that operate in multiple states? Only time will tell.
On the federal level, cryptocurrency sales and purchases are typically subject to capital gains taxes in the United States. However, some states are taking a closer look at how they can regulate the taxation of digital currencies. Colorado Governor Jared Polis recently proposed a bill allowing citizens to pay their taxes in cryptocurrency.
Actor and Filmmaker David Bianchi previews his Web3 series
Hollywood is about to get a whole lot more decentralized. Actor and filmmaker David Bianchi gave a peek behind the curtain of the film and television development process with a public table read of his upcoming project.
For those unfamiliar, table reads are a signature part of the development process, offering the cast, crew, and creative team a chance to read the script aloud. These reads typically happen behind closed doors on a soundstage, but Bianchi is breaking the mold and opening the doors to the public.
“I am absolutely convinced that within the next three to five years, everything that we interact with from music, film, intellectual property, even information systems will be somehow tethered to a blockchain mechanism,” Bianchi says.
Why should we care? This is a unique opportunity to get a sneak peek into the development process of a film or television show, and to hear the script come to life before it hits the big or small screen. Bianchi says he wants to give the audience an inside look into the creative process and to give them a chance to provide feedback and input on the project.
What sets this project apart is that it's guaranteed to have distribution on Gala Film and a yet-to-be-named "major" streaming service later. "Most every other independent filmmaker in the space is selling NFTs based on a speculative project," says Bianchi. "You sell a bunch of NFTs, then you have to hope that you make a good movie or a good show… you have to hope it's solid, you have to hope to have distribution."