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- Porsche announced the discontinuation of its iconic Model 911 NFT mint, just a day after the public mint opened.
- The German automaker said it had listened to community feedback and the mint would stop on January 25 at 6am UTC-5.
- Porsche has offered 7,500 NFT for the mint public, with each digital replica priced at 0.911 ETH.
German sports car maker Porsche has announced it halted the minting of non-fungible tokens (NFT), less than two days after opening 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 discontinue the prime mint follows public response. Per the Germany-based company, the negative feedback it received from holders was enough to cut NFT supplies and stop printing.
“Our holders have spoken. We will stop our supply and stop mint from moving forward by creating the best experience for an exclusive community. More info in the following hourssaid the Porsche NFT project team on Twitter.
The NFT collection offers digital replicas of the automaker’s iconic 911 models, with 7,500 NFTs offered at 0.911 ETH each. At the current price of Ethereum, this is roughly $1,490 per item – a price that has been heavily criticized for being too expensive.
Very sad. No community. No communication. Not worth it. Glad our community hasn’t fallen for it. Big brands should pay attention. 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 as highly underwhelming throughout the community, and many see this as yet another example of how much traditional companies need to learn about Web3 before launching a project.
While Porsche notes mint stops, it delivers renew who notes it will remain open until Wednesday, January 25 at 6am UTC-5.
At the time of writing, of the total provision made available, 5,639 NFTs are open for printing. The FAQ page shows mint supports three wallets – MetaMask, Coinbase and WalletConnect.
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