Porsche halts NFT mint amid community backlash
Porsche announces halt to NFT mint of iconic 911 Model, just a day after public mint opened.
The German car manufacturer said it had listened to the community’s feedback and the mint will halt on 25 January at 6 am UTC-5.
Porsche had offered 7,500 NFTs for the public mint, with each digital replica priced at 0.911 ETH.
German sports car maker Porsche has announced its stopping the minting of its non-fungible token (NFT) collection, less than two days after opening it for the public on 23 January.
Porsche on NFT- the community spoke
According to an update the car manufacturer posted on Twitter on Tuesday, the decision to halt the inaugural mint follows the response of the community. Per the German-based company, the negative feedback it received from holders was enough for it to cut the supply of the NFTs and halt the mint.
“Our holders have spoken. 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,” the Porsche NFT project team noted on Twitter.
The NFT collection offered a digital replica of the car maker’s iconic 911 model, with the 7,500 NFTs on offer priced at 0.911 ETH each. At the current price of Ethereum, that was roughly $1,490 per item – a price heavily criticized as being too expensive.
Really sad. No community. No comms. No value. Glad our community hasn’t fallen for it. Big brands should take note. This is a valuable lesson for them. Extracting value not gonna cut it.
— Staś May (@haymaker_studio) January 24, 2023
The company’s Web3 strategy has been criticized as largely underwhelming across the community, and many see this as another example of how much more traditional companies need to learn about Web3 before launching projects.
While Porsche noted the mint was halting, it provided an update that noted it would remain open until Wednesday, 25 January at 6 am UTC-5.
At the time of writing, of the total supply provided, 5,639 NFTs are open for minting. The FAQ page shows the mint supports three wallets – MetaMask, Coinbase and WalletConnect.