Porsche discontinues NFT Mint amid backlash from the community

• Porsche has announced the NFT discontinuation of the iconic 911 model, just one day after the public mint opened.
• The German automaker said it has listened to community feedback and the mint will stop on January 25 at 6 a.m. UTC 5.
• Porsche offered 7,500 NFTs for the General Mint, with each digital replica priced at 0.911 ETH.

Owns the German sports car manufacturer Porsche announce It stopped minting its collection of non-fungible tokens (NFTs), less than two days after it opened to the public on January 23.

Porsche on NFT – Community Speaking

According to an update the automaker posted on Twitter on Tuesday, the decision to stop minting the inaugural coin follows community response. According to the German-based company, the negative feedback it received from holders was enough to reduce the supply of NFTs and stop the mint.

“Our friends have spoken. We will be cutting our supply and stopping the mint in order to move forward in creating the best experience for an exclusive community. More information in the coming hours,” the Porsche NFT project team noted on Twitter.

The NFT pool showcased a digital replica of the automaker’s iconic 911, with 7,500 NFTs offered at 0.911 ETH each. At the current price of Ethereum, that was roughly $1,490 per item – an item that has been heavily criticized for being too expensive.

Really sad. no society. no connections. Valueless. Glad our community didn’t fall for it. Big brands should take note. This is a valuable lesson for them. Extracting the value won’t cut it.

– Staś May (@haymaker_studio) January 24, 2023

The company’s Web3 strategy has been criticized as largely disappointing across the community, and many see this as another example of how traditional companies need to learn about Web3 before launching projects.

While Porsche noticed the mint was discontinuing, it delivered to update which indicated that it would remain open until Wednesday, January 25 at 6 a.m. UTC-5.

At the time of writing, out of the total supply offered, 5,639 NFTs are open to the instrument. The FAQ page shows that Mint supports three wallets – MetaMask, Coinbase, and WalletConnect.