- Porsche has announced the suspension of the NFT Mint for the iconic 911 model. This was one day after he opened the Public Mint.
- The German automaker has listened to community feedback and said the mint will shut down at 6am UTC-5 on January 25th.
- Porsche contributed 7,500 NFTs to the public mint, with each digital replica priced at 0.911 ETH.
German sports car maker Porsche announced Less than two days after it went public on January 23rd, we stopped issuing non-fungible token (NFT) collections.
NFT’s Porsche – Community Spoken
The decision to shut down the first Mint was made following community reaction, according to an update posted by the automaker on Twitter on Tuesday. According to the Germany-based company, the negative feedback it received from owners was enough to cut its supply of NFTs and shut down the mint.
“Our owner has spoken.We’re cutting supplies and shutting down mints as we move forward with providing the best possible experience for our exclusive community. More information in the next few hours.” pointed out the Porsche NFT project team on Twitter.
The NFT collection offered digital replicas of the automaker’s iconic 911 models, with 7,500 NFTs priced at 0.911 ETH each. At the current price of Ethereum, it was around $1,490 per item. This price was strongly criticized as being too high.
I’m really sad. No community. No communication. No value. I’m glad our community hasn’t fallen for it. Big brands should be careful. This is a valuable lesson for them. Extracting value isn’t going to cut it.
— Staś May (@haymaker_studio) January 24, 2023
The company’s Web3 strategy has been criticized across the community for being overwhelmingly inadequate, with many pointing to how much traditional companies need to learn about Web3 before launching a project. I see it as another example to show.
Porsche pointed out that the Mint has stopped, update Please note that we will be open until Wednesday, January 25th at 6am UTC-5.
At the time of writing, 5,639 NFTs are open for casting out of the total supply provided.FAQ page show Mint supports 3 wallets: MetaMask, Coinbase and WalletConnect.