Porche announced that it added a return policy of 14 days in regards to its debut NFT collection, setting a precedent in the NFT industry.
Furthermore, Porche declared that it will maintain this policy regardless of the tokens’ floor price. Although the customers in the EU and the UK had laws that protected them even before the creation of NFTs, Porche’s announcement that its customers could return NFTs and receive the full amount of what they paid, regardless of the floor price, became a trending topic on Twitter.
The laws in question are called distance selling rules and they apply to downloads and digital books that include in-game acquisitions and books.
Similar to other crypto niches, NFT buyers and sellers are in a grey area in terms of consumer rights. If regulators apply enforcement over NFTs, many projects will be prevented from scamming their customers.
Earlier this week, the Web3 team of Porche launched its NFT, a representation of its model 911 car. However, the sale did not perform as Porche desired. The NFTs in question did not manage to obtain the classic status, having an initial price of 0.911 ETH or approximately USD 1,430. Users could have been put off by the absence of a comprehensible roadmap.
The car brand partnered with Patrick Vogel, a Germany-based 3D artist and designer, to develop an NFT version of the 911 Porche model. Initially, Porche planned to release 7,500 NFTs, however, following its lack of performance, the car designer decided to reduce the number. Right now, there are 2,363 Porche digital tokens circulating at a price of 1.9 ETH.
According to the company’s roadmap, collectors have access to experiences and events which will be announced in the future months.