Why Web2 companies fail in Web3 while others made it
The emergence of Web3 — the next generation of the internet — has led to tremendous growth and profits for creators. This has garnered the interest of several established Web2 companies to join the burgeoning ecosystem.
However, success in Web2 doesn’t guarantee success in Web3. Having been in the industry for a while, I have witnessed many projects skyrocket to success while others crumble, even during the bullish signals. This is because the Web3 world is significantly different from Web2, and navigating this new landscape requires a different approach.
The Porsche 911 7500-edition collection NFT project is a prime example of such a failure. Despite being launched by a luxury automaker, the Porsche 911 collection received disapproval from the Web3 community and failed to sell out in the primary market.
On the other hand, Reddit’s foray into Web3 has been a phenomenal success, surpassing OpenSea’s wallet count in the blink of an eye.
This begs the question, why did others fail terribly and some broke all the records in the same market? The difference in outcomes signifies the importance of doing thorough research before entering Web3.
The Porsche NFT 7500-edition collection was launched on January 23, 2023, with an initial mint price 0.911 ETH. However, the launch wasn’t very successful, and out of the 7,500 supply, 5137 NFTs (68.5% of the total collection) are still not minted out. Porsche took the losses and stopped the minting process.
Porsche’s attempt to impress the Web3 audience fell short due to the lack of transparency in the offered utilities. Their initial minting process was confusing with three separate “waves,” leaving buyers unsure of how to create a customized digital Porsche. Also, most automaker
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